The floor price of major non-fungible tokens has fallen substantially as the crypto winter worsens.
This metric illustrates how much the cheapest NFT in a collection currently costs.
Data from NFT Price Floor shows the least expensive Bored Ape now costs 78.5 ETH.
At current rates, that’s worth just $88,155 — a painful retracement considering all these NFTs have commanded six-figure price tags for the best part of a year.
Bored Ape holders have suffered a double whammy. Not only has their value in ETH plunged as the bear market set in, but ETH itself has been in freefall against the U.S. dollar.
CoinMarketCap data shows that, at the time of writing, the world’s second-largest cryptocurrency has shed 37.5% of its value over the past seven days alone.
The pullback will be especially brutal for those who snapped up their Bored Ape in late April, when the floor price for this NFT collection hit an all-time high of 152 ETH.
That would have been worth over $430,000 back then — but in a sign of how low Ether has gone, such a crypto stash would be valued at just $171,000 now.
NFT Price Floor’s figures reveal that, in ETH terms, the floor price has dwindled by 21.82% over the past seven days.
Trading volumes have also swindled substantially, with 32 Bored Apes changing hands over the past 24 hours. That’s a fall of 38.46%.
Source: CRYPTO WORLD NETWORK NEWS