NFT Floor Price: Definition and How to Check It

1. What Is NFT Floor Price?

The floor price of an NFT collection refers to the lowest listed price currently available on the market. It represents the minimum amount a buyer needs to spend to own an NFT from that specific collection.

For example, if the cheapest NFT from the Bored Ape Yacht Club (BAYC) is listed at 70 ETH, that becomes the collection’s floor price at that moment. Once it is sold, the floor price shifts to the next lowest listing.

2. Factors That Influence NFT Floor Price

Although the floor price is a popular benchmark, it doesn’t reflect the full value of a collection. Several elements can affect floor price fluctuations, including:

2.1. Rarity

Rarer NFTs are typically priced higher, which directly raises the overall floor price level.

2.2. Brand Recognition

Collections with large communities and strong media presence like BAYC and CryptoPunks often maintain high floor prices.

2.3. Market Trends

In a bull market, floor prices tend to rise. In contrast, during a market downturn, floor prices are more likely to drop.

2.4. News & Events

Positive developments such as partnerships, feature upgrades, or airdrop announcements can cause a significant price surge.

3. Why Floor Price Matters

Floor price is one of the first indicators buyers or investors look at when exploring an NFT collection. However, it shouldn’t be the only factor considered.

3.1. For Buyers

Helps assess whether a collection fits their budget.
Useful for comparing popularity and perceived value among different collections.

3.2. For Investors

Tracking floor price trends helps identify market movements.
Assists in estimating the value of their overall NFT portfolio.

4. Real-Life Examples of NFT Floor Prices

4.1. Bored Ape Yacht Club (BAYC)

Once the most prominent collection in the market:

April 2022: Floor price peaked at 152 ETH (~$430,000).
June 2023: Dropped to around 30 ETH due to a general market decline.

This volatility reflects investor sentiment and the overall health of the NFT market.

4.2. CryptoPunks

As one of the “OG” NFT collections, CryptoPunks remains highly regarded:

October 2021: Floor price reached 125 ETH.
Mid-2023: Stabilized around 55 ETH, still considered high despite a weakening market.

5. How to Check NFT Floor Price

There are various ways to track NFT floor prices:

5.1. Through NFT Marketplaces

OpenSea: The most widely used platform showing real-time floor prices.
LooksRare, X2Y2: Also display floor prices similarly.

5.2. Via Analytics Tools

NFTGo: Offers data on floor prices, trading volume, and overall NFT trends.
CryptoSlam: Provides detailed analytics on top-performing collections.
Dune Analytics: Allows users to build custom dashboards and charts.
CoinGecko: In addition to crypto data, includes NFT collection insights.

5.3. On Smart Contracts

For more advanced users, checking recent transactions directly on a collection’s smart contract can help identify the current lowest trading price.