Quick Take

  • BAYC’s floor price is down by more than 50% in dollar terms since the beginning of May.
  • Sale volumes have also fallen throughout the month.

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The floor price of the popular NFT collection Bored Ape Yacht Club (BAYC) 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 to The Block’s Data Dashboard

The 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 to The Block’s Data Dashboard.

The drop in price comes amid a broader market downturn as cryptocurrency prices remained low following the collapse of TerraUSD (UST) last week. During its sudden demise, the Luna Foundation Guard (LFG) was forced to sell its massive bitcoin reserves to protect UST’s peg. While this didn’t save Luna, it added to the downward pressure on bitcoin’s price.

Bitcoin (BTC) is currently trading below $30,000 while ether (ETH) 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 The Block’s Data Dashboard.

 

© 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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