Over the past year, the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) suite has become one of the most popular NFT projects. After weeks of continuous appreciation in value, the current base price of the NFT Boring Monkey is 130 Ether or $382,000. After the floor price surged, decentralized derivatives firm Injective Pro revealed a perpetual market price for NFT.
Injective Pro Listings NFT Floor Price Perpetuals
On Thursday, Injective Pro, the decentralized derivatives exchange built on the Injective network, announced the launch of the permanent market price for NFT. The team believes that offering the lowest price permanently, lowers the barrier of entry in terms of popular and expensive NFT groups such as BAYC. “[Floor price perpetuals enable] The trading platform made it clear that retail users would trade on the basis of the lowest price for the NFT pools, without actually having to maintain custody of the NFT itself.
Bored Ape Yacht Club (BAYC) is one of the most expensive flooring prices today with a single BAYC NFT flooring valued at 130 ether or $382K. The floor value gives the entire Bore Ape Group a market value of approximately $3.81 billion. Of the 6,401 owners, BAYC NFT Group saw $7.99 million in 24-hour trade volume. The Injective Pro platform will allow customers to buy or sell on NFT floors for $1 or more.
“The NFT market is now into the mainstream, but more popular groups like the Bored Ape Yacht Club are still out of reach for most people due to the higher prices,” said Eric Chen, CEO and co-founder of Injective Labs, during the announcement. “The Bored Ape Yacht Club’s permanent floor prices seek to allow everyday traders to gain exposure in this market, thus leveling the playing field for most people to join the bored monkey community.”
NFT and perpetual derivatives follow other concepts such as the use of NFTs as collateral for loans and segmented NFT markets. For example, an NFT lending platform called Arcade, has millions of dollars of NFTs in escrow. The platform allows NFT owners to borrow, lend and earn through Bored Apes or other popular groups of value. Additionally, statistics show that the segmented NFT market has a market value of around $8,713,345 today.
Essentially, the new perpetual NFT gives collectible digital investors the ability to buy or sell a non-fungible token derivative at a certain price point in the future. Injective Pro believes permanent markets for the lower price will allow “more users to be exposed to higher-value assets or hedge against NFT market volatility.” Meanwhile, NFT floor price data from coingecko.com shows the BAYC floor at 130, while Opensea stats show the minimum value of the NFT exchange set at 138.5 Ether.
The announcement by Injective Pro states that the company has worked with portfolio management firm Nftbank to “create a customized price feed for the BAYC portfolio, which verifies the initial market price.”
What do you think of the durable price of Injective Pro Bored Monkey Flooring? Tell us what you think about it in the comments section below.
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