Since the beginning of May, BAYC’s floor price has dropped by more than 50% in dollar terms. Throughout the month, sales volumes have also decreased.
As the NFT market continues to fall, the floor price of the popular NFT collection Bored Ape Yacht Club (BAYC) went below $200,000 on Wednesday.
In May, BAYC‘s floor price – a measure of the collection’s cheapest NFT — dropped considerably. According to The Block’s Data Dashboard, it’s currently worth roughly $198,000 dollars.
BAYC’s floor price has dropped 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.
Following the fall of TerraUSD (UST) last week, cryptocurrency values have stayed low, indicating a broader market decline. The Luna Foundation Guard (LFG) was compelled to sell its vast bitcoin reserves to protect UST’s peg after its abrupt death. While this did not save Luna, it did put downward pressure on the price of bitcoin.
The price of bitcoin (BTC) is currently below $30,000, while the price of ether (ETH) is barely above $2,000. Because Ethereum-based NFTs are measured in ETH, the price of ETH has had an impact on the value of NFTs in dollar terms.
Furthermore, changing market dynamics have impacted not only the floor price but also the volume of sales for BAYC, with sales down 117% week-on-week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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