Bored Ape NFTs See Price Crash of 25% in a Day as Crypto Market Sinks

Non-fungible tokens (NFT) market takes a big hit as the broader cryptocurrency market tanks under the $1 trillion mark. According to NFT PRICE FLOOR, the floor price of the popular NFT collection Bored Ape Yacht Club (BAYC) fell below $100,000 for the first time in almost a year. The measure of the cheapest NFT in the collection is currently around $87,000 (72 ETH).

Bored Ape Yacht Club is a popular NFT collection and the largest NFT project, with a market cap of about $1.7 billion. It dethroned Crypto Punks to become the world’s most valuable NFTs at the end of Q3, 2021.

The most expensive Ape was auctioned for $3.4 million (852.39 ETH) last October, and Bored Apes with the highest rarity were sold at their peak for above $1.5 million. At the same time, other less expensive Apes held a floor price above $250,000. However, since the recent market sell-off, BAYC sales and prices have steadily declined.

Because of 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.

Other top-ranked NFT collections, for instance, Crypto Punks, the second-largest NFT collection, currently has a floor price of $58,000 (48 ETH) compared to the $160,000 (66.9 ETH) in February.

Interestingly, BAYC’s floor price falling below $100,000 has created a buying opportunity for investors looking to purchase the NFT at cheaper rates.