Floor prices of the popular NFT collection Bored Ape Yacht Club (BAYC) dropped below $200,000 on Wednesday as the NFT market continues to decline.
BAYC saw a huge drop in Floor prices in May. It’s currently about $198,000, according to the report. The Block’s Data Dashboard
The latest price drop has caused BAYC’s floor price to drop by a third in terms of ETH and more than 50% in dollar terms since the beginning of May, with the cheapest Bored Ape at $420,000, according to data. The Block’s Data Dashboard
The price drop came amid a broad market decline. As cryptocurrency prices continue to fall after the collapse of TerraUSD (UST) last week, During the sudden collapse, the Luna Foundation Guard (LFG) was forced to sell large reserves of bitcoin to protect UST, but this did not save Luna, but increased the pressure on the bitcoin price.
Bitcoin (BTC) is currently trading below $30,000, while ETH is trading below $2,000. And because the NFTs based on Ethereum are valued in ETH, the price drop has affected the NFT’s value when measured in dollars.
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