The floor price of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection sunk below 30 ETH (about $58,700) on Sunday, reflecting a new low not observed since October 2021, according to OpenSea. The BAYC NFT collection has experienced a decline in average price, mirroring a broader cooldown in the NFT market and an extended crypto winter that has impacted the price of Ethereum.
Data analytics platform CoinGecko reported that BAYC’s floor price dropped to a low of 27.4 ETH, or about $53,000 on Sunday evening before rebounding slightly. This is the lowest price since October 2021, when the floor price skyrocketed to new highs during the NFT boom. CoinGecko reported that BAYC once reached a floor price of 153.7 ETH, or about $430,000, in April 2022.
The collection’s floor price has halved since April of this year – it was trading at 64 ETH, or $126,000, at the start of the month. At the time of writing, the floor price of the collection has rebounded slightly to 29.5 ETH, or about $57,800, according to OpenSea. Floor price is a metric used to get a sense of how popular an NFT project is at a given point in time.
OpenSea reported that BAYC’s trading volume has decreased 38% over the last 24 hours. BAYC currently has a trading volume 1.2 million ETH, or $2.4 billion – making it the largest NFT collection by sales volume, according to data from CryptoSlam.
The collection’s floor price began to tumble in April, plummeting to a five-month low of 55.6 ETH, or about $110,000. Last month, the collection’s floor price slid further as NFT trader Jeffrey Huang, known as Machi Big Brother, sold 50 Apes in one weekend.