Bored Ape Floor Plunges Below $100K as NFT Prices Collapse
Prices and sales of non-fungible tokens (NFTs) have continued to crash as bears completely take over the broader crypto market. Popular collections such as the revered Bored Ape Yacht Club (BAYC) were not spared either, and their floor prices have lost significant value in US dollars.
For clarity, the floor price represents the lowest price of an NFT collection and not the average price. In other words, it is the lowest price for purchasing a single non-fungible token from a collection.
Bored Ape Floor Price Drops Below $100k
According to data from NFT PRICE FLOOR, the floor price of Bored Apes has dropped below $100,000 for the first time in almost a year. At the time of writing, the lowest amount of BAYC was $87,000 (72 ETH), representing a 60% drop from the all-time high. The last time an Ape was traded around this price range was around August 2021.
Despite the drop, BAYC still maintains its position as the largest NFT project, with a market cap of about $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 with the highest rarity were sold at their peak for above $1.5 million, and the most expensive Ape was auctioned for $3.4 million (852.39 ETH) last October. During the same period, other less expensive Apes held a floor price above $250,000. However, since the recent market sell-off, BAYC sales and prices have steadily declined.
Aside from Bored Apes, other top-ranked NFT collections have shredded a significant portion of their floor prices. For instance, Crypto Punks, the second-largest NFT collection, currently has a floor price of $58,000 (48 ETH) compared to the $160,000 (66.9 ETH) in February.
Investors Leveraging the Opportunity
Interestingly, BAYC’s floor price falling below $100,000 has created a buying opportunity for investors looking to purchase the NFT at cheaper rates.
Over the last 24 hours, about 26 Apes were sold, representing a 116% increase from the previous day. BAYC’s daily volume also jumped by 50%, as over $2.6 million was trading in the last 24 hours.