The Bored Apes Yacht Club (BAYC) NFT collection is well-known not only because of celebrity backers (e.g. Eminem, Shaquille O'Neal, Snoop Dogg, and so on), but also due to the absurdly high prices that the collection's tokens have.
The last one, however, seems to be a thing of the past as Injective Pro, a crypto derivatives exchange is now allowing traders to speculate on an NFT floor price. The new option allows users to financially bet long or short on the direction of NFTs for as little as $1 in a trading pair of BAYC/WETH.
As of press time, BAYC's floor price is set at 139 ETH, which means that in order to have a chance to buy the token a user will have to shell out over $410,000. Floor price perpetual contracts are designed to lower that threshold by enabling retail users to trade based on the floor price of NFT collections, without actually having to store the token itself, the exchange said in a press release.
While the NFT market has entered the mainstream, the most popular collections like BAYC remain "out of reach for most given the high prices," says Injective Labs CEO Eric Chen. He added:
The Bored Ape Yacht Club floor price perpetuals seek to allow everyday traders to gain exposure into this market, thereby leveling the playing field for most to join the Bored Ape community.
Meanwhile, ApeCoin DAO, a decentralized organization that governs the apecoin (APE) development, has become a subject of controversy after market analyst Cobie (Jordan Fish) questioned the organization's structure.
He pointed out there might be a conflict of interests if the DAO's board members have "material amounts" of vesting completed in six months. As of press time, ApeCoin DAO's board includes Alexis Ohanian (Reddit), Amy Wu (FTX), and others.
Read also: BAYC creator buys CryptoPunks and Meebits