What is an NFT collection 'Floor Price'?

When doing your research in the NFT world, it is essential you know the basics. One such thing you must always keep an eye out for is the "floor price" of the collection you will be buying an NFT from. When browsing through a collection, you can check the “floor price” among other metric information easily. Now, you may be wondering … what is a “floor price”?

A floor price is the lowest price an NFT from a particular collection was traded. The price is continuously updated in real-time, so make sure to check it out prior to making a transaction. By doing so, you will be able to compare the price changes for the NFTs you’re interested in and determine whether the investment is worth making. If the floor price increases, this automatically means that the demand for that particular collection is rising. So you better hurry and make that investment!