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BAYC Struggles to Survive the Mass NFT Decline As Floor Prices Plummet

The non-fungible token (NFT) market has been plunging along with the rest of the cryptocurrency market. Bored Apes Yacht Club (BAYC), the largest NFT collection by market capitalization, has seen its floor price—the minimum price a piece in the collection sells for—fall 20% in the past week. 

The sharp plunge has seen the collection’s pieces on NFT lending platforms come within the risk of liquidation. According to data pointed out by crypto journalist Colin Wu, the floor price of some BAYC pieces in the NFT marketplace Blur are below 50 ETH. 

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