Bored Ape Yacht Club NFT floor price hits 20-month low.

On Sunday, the floor price of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection dropped below 30 ETH (approximately $58,700), marking a new low not seen since October 2021.

OpenSea reports that the average price of Bored Ape Yacht Club NFTs has declined, reflecting a broader cooldown in the NFT market and the prolonged crypto winter, which has affected the price of Ethereum, the platform that powers many NFT collections. Other popular NFT collections like MoonBirds, Azuki, and Doodles have also experienced dips in recent months.

According to data from CoinGecko, BAYC’s floor price hit a low of 27.4 ETH (around $53,000) on Sunday evening before showing a slight recovery. The last time BAYC’s floor price fell below 30 ETH was in October 2021, shortly before it soared to new highs during the NFT boom. CoinGecko also notes that BAYC reached a floor price of 153.7 ETH (about $430,000) in April 2022.

Since April of this year, the collection’s floor price has halved, starting the month at 64 ETH (or $126,000). At the time of writing, the floor price has slightly rebounded to 29.5 ETH (approximately $57,800) on OpenSea.

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Floor price is a metric commonly used to gauge the popularity of an NFT project at a given time. It represents the lowest price a seller is willing to accept for an NFT in a collection and can slightly vary across platforms.

OpenSea reports a 38% decrease in BAYC’s trading volume over the past 24 hours. BAYC currently has a trading volume of 1.2 million ETH (or $2.4 billion), making it the largest NFT collection in terms of sales volume, according to data from CryptoSlam.

BAYC’s floor price began to decline in April, reaching a five-month low of 55.6 ETH (about $110,000). During that time, a pseudonymous NFT collector named Franklin sold 27 of his Apes, contributing to the negative sentiment.

Last month, the collection’s floor price further slid as NFT trader Jeffrey Huang, known as Machi Big Brother, sold 50 Apes in one weekend, including a lot of 19 Apes sold on the marketplace Blur for 651 ETH (nearly $1.2 million).

Edited by Rosie Perper.