What is an NFT floor price?

NFT floor price is the lowest amount of money you can spend to own an NFT or become a holder of a project. NFT floor prices are set by the secondary trading by users. Similarly to buying a product on Amazon or eBay, an NFT’s floor price is the lowest possible price you can purchase an NFT for. Decrease in NFT’s floor price is quite common. Do not panic if the floor price on an NFT drops. There are many factors that can affect the floor price, such as:

• Change in demand for the NFT
• Changes to the utility or offering of the NFT
• Reputation of the creator(s) or brand
• Popularity of Collaborators