- As of Wednesday, the floor price of BAYC (Bored Ape Yacht Club), the popular NFT collection, reached below $200,000.
- The floor price of BAYC (Bored Ape Yacht Club) was down by 50% in dollar terms and by a third in terms of ETH.
- Along with the floor price, the volume of sales for BAYC too was affected by the changing market dynamics.
As the NFT market continues to descend, the floor price of the famous NFT collection Bored Ape Yacht Club (BAYC) fell below $200,000 as of Wednesday.
BAYC witnessed its floor price significantly plummet in May. According to The Block’s Data Dashboard, as of now, it stands at $198,000.
According to The Block’s Data Dashboard, the recent drop in prices resulted in the dip of BAYC’s floor price by 50% in dollar terms and by a third in terms of ETH from the start of May when the cheapest Bored Ape was $420,000.
Last week, after the meltdown of TerraUSD (UST), then dip in price was seen amidst a wider crypto market recession. The Luna Foundation Guard (LFG), during its abrupt decline, was compelled to sell its massive bitcoin reserves to safeguard its UST peg. Though it couldn’t save Luna, it led to the downward pressure on the price of Bitcoin.
As of now, the price of Bitcoin(BTC) is below $30,000, while ether (ETH) is trading just above $2,000. The fall in its price has affected the value of NFTs when measured in dollar terms since Ethereum-based NFTs are valued in ETH.
Sales Prices Have Fallen Throughout The Month
The effect of the changing market dynamics was seen in the volume of sales for BAYC along with the floor price.117, or just over 30% decrease was seen in the sales from the period between May 2 to May 9, per The Block’s Data Dashboard.
Source: https://www.thecoinrepublic.com/2022/05/19/50-decrease-in-bored-ape-yacht-club-floor-price-recorded-this-month/