Crypto Slang and Acronyms

Hey, I've been diving into the NFT world and came across the term "Floor Price." I get that it refers to the lowest price of an NFT in a collection, but can someone break it down for me? How does it work, and why is it important for collectors? Thanks!

Hey, I've been diving into the NFT world and came across the term "<a data-auto-add="True" href="/feed/faq/11267677/" rel="noopener noreferrer" target="">Floor Price</a>." I get that it refers to the lowest price of an NFT in a collection, but can someone break it down for me? How does it work, and why is it important for collectors? Thanks!

What is 'Floor Price (Lowest price of an NFT in a collection)'?

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What is 'Floor Price (Lowest price of an NFT in a collection)'?

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