NFT News- Due to Ethereum’s price volatility, the BAYC floor price is now at $107,000.
- Since it hit a record high of 153.7 ETH on May 1, the price has been steadily dropping.
Due to the ongoing NFT market downturn and broader crypto market crisis, the Ethereum floor price of the Bored Ape Yacht Club (BAYC) NFT collection has fallen to its lowest level since the beginning of the year.
The floor price of Bored Ape Yacht Club NFTs is now 65.68 ETH, a level not seen since January 2, 2022. Since it hit a record high of 153.7 ETH on May 1, the price has been steadily dropping, as seen by statistics from CoinGecko.
Still Tops the Chart
With a market cap of 656,800 ETH, BAYC is still the largest NFT collection, ahead of CryptoPunks, which has a market cap of 655,000 ETH and a floor price of 65.5 ETH.
It’s not all terrible news for those who own Bored Apes, either. Due to Ethereum’s price volatility, the BAYC floor price is now at $107,000; much down from its all-time high of just under $256,000 at the beginning of the year, but up from its all-time low of just over $87,000 in June.
To add fuel to the fire, the sinking floor price of Bored Apes means that collections gained with loans on the peer-to-peer lending platform BenDAO may have to be liquidated.
BenDAO is a decentralized exchange that facilitates the borrowing of ETH in return for NFTs up to 40% of the NFT’s floor price. If the NFT’s floor price falls below a certain threshold, the “health factor” of the NFT-backed loan drops below 1, and if the loan is not repaid within 48 hours, the NFT is auctioned off to the highest bidder.
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Source: https://thenewscrypto.com/bored-ape-yacht-club-nfts-witnesses-year-low-floor-price/