NFT Prices Collapse, Bored Ape Floor Plunges Below $

6/13/2022, 10:05 PM
NFT Prices Collapse, Bored Ape Floor Plunges Below $
The crypto bear market is real - prices continued to crash also for the NFT market. Popular collections such as the Bored Ape Yacht Club have not been spared, and their floor prices have lost significant value in US dollars.
The floor price represents the lowest price of an NFT collection - the bottom end. According to data from NFT PRICE FLOOR, the Bored Apes floor price has dropped below $100,000 for the first time in over a year. Today on 13 june, the lowest amount of BAYC was $87,000 (72 ETH), representing a drom of 60% 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 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 also lost significant value. 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.
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 traded in the last 24 hours