Bored Ape Floor Sinks Below $100K, as NFT Prices Collapse

The bears have taken over the entire crypto market and continue to cause havoc on prices and sales. Popular collections, such as the Bored Ape Yacht Club (BAYC), weren’t spared. In fact, their floor prices have seen a significant decline in US dollars.

The floor price is the lowest price for an NFT collection, and not the average. It is also the lowest price to purchase a single token that is not fungible from a collection.

Bored Ape Floor Cost Drops below $100k

NFT PRICE FLOR data shows that the floor price for Bored Apes is now below $100,000, which is the first time it has fallen below $100,000 in nearly a year. At the time this article was written, the lowest amount for BAYC was $87,000 (72ETH), which represents a 60% decline from its previous record. Around August 2021, an Ape traded in this price range for the last time.

Despite this drop, BAYC maintains its position of the largest NFT projects with a market cap around $1.7 billion.

Bored Ape Yacht Club is a popular NFT collection that dethroned Crypto Punks to become the world’s most valuable NFTs at the end of Q3, 2021.

Bored Apes that are rarest were sold at their peak value for over $1.5million. Last October, the most costly Ape went up for auction for $3.4million (852.39ETH). Other less-expensive Apes had a floor price of above $250,000. Since the recent market selloff, BAYC has seen its prices and sales steadily decline.

Bored Apes is not the only top-ranked NFT collection that has seen a substantial drop in their floor prices. Crypto Punks, which is currently the second-largest NFT collections, has a floor price at $58,000 (48ETH) as compared to $160,000 (66.6.9ETH) in February.

Opportunities for Investors

Interestingly, BAYC’s floor price falling below $100,000 has created a buying opportunity for investors looking to purchase the NFT at cheaper rates.

In the past 24 hours, 26 Apes have been sold. This is an 116% increase over the previous day. BAYC’s daily volume also jumped by 50%, as over $2.6 million was trading in the last 24 hours.

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