Floor Price

The floor price is the cheapest active listing in an NFT collection. Because the items in a collection are not identical, there is no single price for the collection, so the floor serves as a quick benchmark. If the lowest listed Bored Ape is 20 ETH, the collection's floor price is 20 ETH, even though rarer pieces may be listed for far more.

Floor price multiplied by the number of items gives a rough collection market cap, although the figure overstates what the collection could actually sell for, since selling many items would push the floor down. Traders watch the floor and the number of items listed near it to judge whether sellers are becoming impatient.

The floor can be manipulated. A project or large holder can buy up the cheapest listings to push it higher, or list a single item far below the others to create an impression of weakness. Looking at recent sales rather than listings gives a more reliable picture.