Bored Ape Yacht Club floor price has fallen 50% in dollar terms this month (via AdamMorganMc)
BAYC’s floor price is down by more than 50% in dollar terms since the beginning of May.The floor price of the popular NFT collection Bored Ape Yacht Club fell below $200,000 on Wednesday as the NFT market continues to slide.
BAYC has seen its floor price — a measure of the cheapest NFT in the collection — fall significantly in May. It’s currently at around $198,000, according toThe latest drop in prices leaves BAYC’s floor price down by a third in ETH terms and by more than 50% in dollar terms from the beginning of May, when the cheapest Bored Ape was $420,000, according toThe drop in price comes amid a broader market downturn as cryptocurrency prices remained low following the collapse of TerraUSD last week.
Bitcoin is currently trading below $30,000 while ether trades just above $2,000. Because Ethereum-based NFTs are valued in ETH, the fall in its price has affected the value of NFTs when measured in dollar terms. Furthermore, the changing market dynamics has affected not just the floor price but also the volume of sales for BAYC — sales were down by 117, or just over 30%, week-on-week, from May 2 to May 9 according to© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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