The floor price of the Bored Ape Yacht Club (BAYC) NFT collection has plummeted in the last 24 hours, after the initial launch of ApeCoin.
According to statistics provided by CoinkGecko, the floor price of BAYC NFTs went from around 106 ETH ($296,000) to 77.5 ETH ($218,000) over an hour. This is a massive price difference and roughly a $78,000 decline over sixty minutes. Now, the price has stabilized, with the current floor price sitting at around 88 ETH ($247,000).
Why has the floor price of BAYC NFTs dropped?
Yesterday’s announcement confirmed that all members of the BAYC ecosystem could claim a certain amount of the new ApeCoin. This includes BAYC, MAYC and the BAKC. There are one billion ApeCoins, and 15% of this will go to the NFT holders.
Those with more than one NFT are entitled to more ApeCoins. Significantly, the ApeCoin claim is a one-time-only deal. If you purchase a BAYC NFT that has previously claimed $APE, you cannot do it again.
This claim acts as a sort of dividend pay-out to current BAYC holders. On Twitter, @wuestenigel summarises this position. He said, “You don’t want to overpay for a claimed NFT. After the $APE claim, there might be a massive price drop because of the dividend cut, which is a normal behaviour of assets.”