Bored Ape Floor Plummeted Below $100000 Due to NFT Price Collapse

The reserve price of Bored Ape fell to about $87000 for the first time in 10 months, and investors are taking advantage of this opportunity.

As the bear market completely occupied the broader cryptocurrency market, the prices and sales of non fungible tokens (NFT) continued to collapse. Popular collectibles, such as the respected Bored Ape Yacht Club (BAYC), have not been spared, and their reserve price has been greatly depreciated in US dollars.

For clarity, the reserve price represents the lowest price of the NFT series, not the average price. In other words, it is the lowest price to buy a single unforgeable token in a collection.

The Reserve Price of Bored Ape Fell Below $100000

According to the data of NFT price floor, the reserve price of Bored Apes fell below $100000 for the first time in nearly a year. At the time of writing this article, the minimum amount of BAYC was 87000 US dollars (72eth), which was 60% lower than the highest price in history. The last time ape man traded near this price range was around August 2021.

Despite the decline, BAYC still maintained its position as the largest NFT project, with a market value of about US $1.7 billion. The Bored Ape Yacht Club is a popular NFT series. At the end of the third quarter of 2021, it defeated crypto punks and became the most valuable NFTs in the world.

The most rare Bored Ape was sold for more than $1.5 million at the peak, and the most expensive ape was auctioned for $3.4 million (852.39eth) last October. During the same period, other less expensive ape men kept the base price above 250000 US dollars. However, since the recent market sell-off, BAYC’s sales and prices have been declining steadily.

In addition to the Bored Ape man, other top ranked NFT collections also tore up a large part of their reserve price. For example, crypto punks, the second largest NFT collection, currently has a reserve price of $58000 (48eth), compared with $160000 (66.9eth) in February.

Investors Take Advantage of Opportunities

Interestingly, the base price of BAYC fell below $100000, creating buying opportunities for investors who want to buy NFT at a cheaper price. In the past 24 hours, about 26 ape men have been sold, an increase of 116% over the previous day. BAYC’s daily trading volume also jumped by 50% due to more than $2.6 million in transactions in the past 24 hours.