Floor price is the cheapest price for items in collections instead of the average cost of the item and is constantly updated.
On the NFT market, the floor price is the least amount you are capable of spending to join the project (own an NFT). The floor price is decided by the person who is the owner of an NFT within a particular project and who is putting an NFT available for purchase at a lower price than the other sellers within the particular project.
Here is an example:
Bored Ape Yacht Club is an extremely highly-rated project and currently has an floor price of is 83 Ethereum.
This is the lowest cost for a buyer to join the Bored Ape project and own an NFT.
Another method by which a buyer might be able to purchase an Bored Ape for below the price of the floor is by making an offer.
However, it is extremely unlikely that the offer will be accepted since it’s not logical for a seller to take the offer.
As OpenSea operates in the same format as eBay customers are able to submit bids or offers that are time-sensitive and the offer can be made priced at any cost (including prices that are lower than the floor price , however it’s highly unlikely that they will get accepted).
How Much Is My NFT Worth?
As a rule, many factors are what make an NFT important.
One of them is the rarity of the NFT . The best way to find out how rare your NFT is, is by visiting rarity.tools and clicking ”All Collections” and selecting the name of the project and then entering the ID of the NFT.