Since May 1, BAYC has seen its floor price drop by more than half a dollar. Throughout the month, sales volumes also fell.
As the NFT market continues its slide, the floor price for the NFT collection Bored Ape Yacht Club was below $200,000 on Wednesday.
BAYC’s floor price, which is a measure of the lowest NFT in the collection, has fallen significantly in May. According to Block’s Data Dashboard, it’s currently around $198,000
BAYC’s floor prices have dropped by a third in Ethereum terms, and by more than half in dollars since May 1, when the cheapest Bored Ape cost $420,000 according to Block’s Data Dashboard.
This price drop comes amid a wider market downturn, as cryptocurrency prices remained low after the last week’s collapse of TerraUSD (UST). To protect UST’s peg, the Luna Foundation Guard (LFG), had to sell its huge bitcoin reserves . Although it didn’t save Luna’s life, it did increase the downward pressure on bitcoin’s prices.
Bitcoin (BTC), currently trading at $30,000, while ether (ETH), trades at just over $2,000. The value of Ethereum-based NFTs is measured in dollars because they are valued in ETH.
The changing market dynamics have also affected the floor price and the volume of sales for BAYC — sales fell by 117 (or just over 30%) week-on-week from May 2 through May 9, according to The Block’s Data Dashboard.