FTX Collapse Have Impacted BAYC Floor Price

BAYC Floor Price

  • Fall of FTX has impacted the non-fungible tokens market too.
  • BAYC floor price had a negative effect following the event.
  • ApeCoin was trading at a market price of $2.9.

Why The Bored Ape Floor Price is Plunging?

Bored Ape Yacht Club (BAYC), the most admired NFT collection in the crypto market, was already struggling amid the crypto winter, now its floor price has started to fall after FTX crypto exchange is on the verge to collapse. According to NFT Price Floor, an NFT data aggregator, the digital collectible has lost over 8% floor value in a week.

Source: NFT Price Floor

The collection reached their all-time high in April 2022 when the cheapest Bored Ape NFT was up for sale at 152 ETH ($429,000). This translates to over 80% fall in  contrast to the present floor price. On the other hand, their rivals, CryptoPunks, have gained 1.22% in the floor value in the last 7 days.

Currently, the crypto sector has started struggling again as the market cap fell below $1 Trillion, AGAIN! The NFT market too went down following the FTX fall, and was down by 7.9% in the last 24 hours. ApeCoin, the native crypto asset in the Bored Ape universe, too lost over 39% in a week.

The fall of FTX has impacted BendDAO, another crypto lending protocol. The company allows the users to put NFTs as collateral against the loan. According to the news, the organization has put 14 Bored Ape NFTs for auction which eventually led the floor price to go down. According to OpenSea, the biggest NFT marketplace, BAYC NFT volume has risen by 159%.

Since the rumors regarding potential collapse started to circle the market, crypto and blue-chip NFT holders are causing an increased panic in the market. Bitcoin and Ethereum, the two dominating virtual currencies in the cryptosphere, were down by 21.66% and 23.74% during the last 7 days. Bitcoin was trading at the market price of $16,742. The asset has not traded at this level since 2018.

ApeCoin Price Analysis

ApeCoin was trading at the market value of $2.9 at the publication time. The asset traded at $27.7 during April 2022 following the announcement and trailer reveal of the Otherside metaverse. It witnessed a steep fall the following month where it changed hands between $6 and $8 during the period.

ApeCoin price went as low as $3, but managed to reach $7 during August  2022. The asset price has created a downtrend since, and now maintains a support at $2.7. Yuga Labs revealed the First Trip Demo to the Otherside metaverse but has not updated any information since. APE being the utility token in the digital space may see some positive price impact after the full version release of Bored Ape universe.

Source: https://www.thecoinrepublic.com/2022/11/12/ftx-collapse-have-impacted-bayc-floor-price/