Prices and sales of irreplaceable tokens (NFT) continued to fall as bears fully took over the wider crypto market. Popular collections such as the esteemed Bored Ape Yacht Club (BAYC) have not been spared either, and their minimum prices have significantly lost value in US dollars.
For clarity, the lowest price represents the lowest price of the NFT collection, not the average price. In other words, it is the lowest price to buy one irreplaceable token from the collection.
Bored Ape Floor Price falls below $ 100,000
According to data from NFT PRICE FLOOR, the lower price of Bored Apes fell below $ 100,000 for the first time in almost a year. At the time of writing, the lowest BAYC amount was $ 87,000 (72 ETH), a 60% drop from the highest level of all time. The last time one monkey was traded in this price range was around August 2021.
Despite the decline, BAYC still retains its position as the largest NFT project, with a market capitalization of about $ 1.7 billion.
Bored Ape Yacht Club is a popular NFT collection that overthrew Crypto Punks and became the most valuable NFT in the world at the end of Q3, 2021.
The most annoying monkeys were sold at their peak for over $ 1.5 million, and the most expensive monkey was auctioned for $ 3.4 million (852.39 ETH) last October. During the same period, other cheaper monkeys kept the lower price above $ 250,000. However, since the recent market sell-off, BAYC’s sales and prices have been steadily declining.
Apart from Bored Apes, other top-ranked NFT collections have reduced a significant portion of their minimum prices. For example, Crypto Punks, the second largest NFT collection, currently has a minimum price of $ 58,000 (48 ETH) compared at $ 160,000 (66.9 ETH) in February.
Investors are seizing the opportunity
Interestingly, the lower price of BAYC, which fell below $ 100,000, created an opportunity to buy for investors who want to buy NFT at lower prices.
About 26 monkeys were sold in the last 24 hours, an increase of 116% over the previous day. The daily volume of BAYC also jumped by 50%, as over 2.6 million dollars were traded in the last 24 hours.