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BAYC NFT floor price crashes to 67 $ETH, Lowest in 8 Months

Quick Take:

  • BAYC has crashed to a floor price of 67 $ETH (around $105,000 USD), which is the lowest in the last 8 months
  • BAYC, one of the most prominent and popular NFT collections is undergoing tough times.
  • The collection is undergoing one of its worst phases, never witnessed since the early days of January 2022.

Bored Ape Yacht Club, or the BAYC collection NFTs, are seeing some pretty grim days. 

The Apes are presently trading at a floor price of 67 $ETH. Something like has never hppened since January 2022.

BAYC on OpenSea‍
BAYC on OpenSea

What went wrong with BAYC?

An NFT’s floor price is considered to the lowest price at which anyone would want to sell their NFT.

The owners within an NFT collection set the floor price. The more popular an NFT project becomes, the higher the price. 

A lower - or falling - floor price indicates an NFT project that is losing traction or is losing value in the eyes of collectors.  

The Bored Ape Yacht Club collection is one of the most popular NFT collections in the world

According to data from CoinGecko, this is the lowest floor price the collection has had in around 8 months.  

CoinGecko BAYC listing

 

Other collections which are a part of the BAYC ecosystem are going through similar hardships. The Mutant Ape Yacht Club is hovering close to 12 $ETH, which is alarming.

One of the biggest concerns is around people having their BAYC or MAYC liquidated if the floor price continues to drop.  

Collectors using BAYC as collateral for crypto loans

BendDAO is a platform that allows users to deposit their NFTs as collateral for $ETH loans. It’s reported that many BAYC and MAYC put their NFTs up on BendDAO as collateral for loans.  

A series of liquidations are happening over the last couple of days where the BAYC and MAYC NFT owners (including other collections) were liquidated due to the rapidly collapsing prices. This is aso a prime factor for the degrading of the floor prices of these ultra popular NFT collections.

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