The Bored Ape Yacht Club (BAYC) collection of non-fungible tokens (NFT) has experienced a significant decline in its floor price, dropping below 30 ETH (approximately $58,700). This marks a new low for the collection, with the last time the floor price was below 30 ETH being in October 2021.

The decrease in the average price of BAYC NFTs is attributed to the overall cooling of the NFT market and the prolonged bearish trend in the crypto market, particularly affecting the price of Ethereum, which is the primary currency for many NFT collections. Other notable NFT collections like Doodles, Azuki, and MoonBirds have also seen declines in recent months.

On Sunday night, the floor price of BAYC briefly reached a low of 27.4 ETH (around $53,000) before experiencing a slight increase. In April 2022, BAYC reached a floor price of 153.7 ETH (almost $430,000) during the NFT boom.

Since April of this year, the floor price of the BAYC collection has decreased by half, trading at 64 ETH (approximately $126,000) at the beginning of the month. At the time of writing, the floor price has slightly increased to 29.5 ETH (roughly $57,800).

The floor price of an NFT collection is often used as an indicator of its popularity and reflects the lowest price at which sellers are willing to sell their NFTs.