The floor price of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection sunk below 30 ETH (about $58,700) on Sunday, reflecting a new low not observed since October 2021.

Bored Ape Yacht Club has experienced a decline in the average price of its NFTs, according to OpenSea, reflecting a broader cooldown in the NFT market and an extended crypto winter that has impacted the price of Ethereum, which powers many NFT collections. Other top NFT collections, including MoonBirds, Azuki and Doodles have also experienced dips in recent months.

According to data analytics platform CoinGecko, BAYC’s floor price dropped to a low of 27.4 ETH, or about $53,000 on Sunday evening before rebounding slightly. The last time BAYC’s floor price dropped below 30 ETH was in October 2021, shortly before its floor price skyrocketed to new highs during the NFT boom. According to CoinGecko, BAYC once reached a floor price of 153.7 ETH, or about $430,000, in April 2022.

The collection’s floor price has halved since April of this year – it was trading at 64 ETH, or $126,000, at the start of the month. At the time of writing, the floor price of the collection has rebounded slightly to 29.5 ETH, or about $57,800, according to OpenSea.

Floor price is a metric that’s often used to get a sense of how popular an NFT project is at a given point in time. It measures the lowest price a seller wants for an NFT in a collection and can vary slightly across platforms.

According to OpenSea, BAYC's trading volume has decreased 38% over the last 24 hours. BAYC currently has a trading volume 1.2 million ETH, or $2.4 billion – making it the largest NFT collection by sales volume, according to data from CryptoSlam.

BAYC’s floor price began to tumble in April, plummeting to a five-month low of 55.6 ETH, or about $110,000. At the time, pseudonymous NFT collector Franklin sold 27 of his Apes, contributing to negative sentiment.

Last month, the collection’s floor price slid further as NFT trader Jeffrey Huang, known as Machi Big Brother, sold 50 Apes in one weekend, including one lot of 19 Apes sold on marketplace Blur for 651 ETH, or nearly $1.2 million.