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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Majuro, Marshall Islands, May 21st, 2024, ChainwireMultipool, a leading innovator in the blockchain and cryptocurrency…
Grayscale has submitted an updated 19b-4 form for Grayscale Ethereum Mini Trust.
Zug, Switzerland, May 21st, 2024, ChainwireCardinal Cryptography, core developer of the zero-knowledge, privacy-focused blockchain Aleph…
If you're looking for lazy ways to make money online, here are seven passive income…
Arbitrum has announced an exciting development for the decentralized social network Farcaster, which now supports…
Binance Labs has revealed its latest strategic investment in Aevo, a decentralized derivatives trading platform.
This website uses cookies.