The floor price of BAYC NFTs has dropped by 78% since April.
The ongoing crypto market crash isn’t just affecting cryptos. The impact has also been felt by NFTs, with some of the best NFT projects failing after having their floor prices cut in half. The floor price for the most well-known NFT collection, Bored Ape Yacht Club (BAYC), dropped from 153 ETH earlier this year to 72 ETH at the time of writing.
However, it appears that the NFT market is taking a new direction despite the decline in floor prices. Currently, the total NFT market capitalization is $2.19 billion, a 55.63% increase in the last 30 days. Total sales volume is also up by 40.80% in the last month.