Bored Ape Yacht Collection’s (BAYC) NFTs have seen their floor prices sink to levels not seen since early in January 2022. BAYC NFTs are going through a rough patch. Bored Apes are currently sitting on a floor price of 67 ETH across the board. This is something that hasn’t happened since early January 2022.

Unlike cryptocurrencies, non-fungible tokens are priced in a way where the floor price is the lowest price at which someone is willing to sell their NFTs. Since they are non-fungible, there has to be a buyer for each single NFT, making the market so much more tasking during seasons of low liquidity.

At the time of the writing of this article, the world’s most popular NFT collection – the Bored Ape Yacht Club, is going through a rough patch as Bored Apes floor price is currently at 67 ETH, according to CoinGecko’s data. This dip has come amid fears of massive liquidations on a platform where Bored Ape NFT owners are able to use their Bored Apes as collateral for ETH loans.

Other collections from the BAYC community are also facing difficult times. The Mutant Ape Yacht Club’s floor price is around 12 ETH, which is also a low not seen since early January 2022. All of this is happening because BendDAO – a platform where users can deposit their NFTs as collateral for ETH loans, saw a lot of the funds used to repay loans withdrawn in what seems like a bank run.

The sinking floor prices are also the result of a string of liquidations that have taken place over the past few days where BAYC and MAYC NFT owners (amid other collections, too) were liquidated because of the collapsing prices of the NFTs.

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