Floor price

NFTs in a collection are unique, so there is no single market price. The floor is the cheapest current listing on marketplaces, usually quoted in the chain's native token, such as ETH. Because most items trade close to it, the floor serves as the collection's reference price: market caps of NFT projects are often estimated by multiplying the floor by the supply, and lending protocols use it to value collateral.

Traders watch the floor for momentum, collectors use it to judge whether rarer items are fairly priced, and marketplaces display floor charts and depth. The top bid, the highest price a buyer has offered for any item in the collection, is a useful companion figure, since it shows what someone will actually pay right now.

The floor is easy to misread. Thin collections can see the floor jump or collapse with a handful of listings or a single sweep, and wash trading can create misleading sales history. A floor quoted in ETH may hide a much larger drop in dollar terms. Listings at the floor are often the least desirable items, so rare pieces may be illiquid even when the floor looks healthy.