NFT Price Floor and OpenSea
NFT Price Floor refers to the least expensive NFT for sale in a specific collection. For instance, if the least expensive Bored Ape was selling on OpenSea for 70 Eth, the price floor for the Bored Ape Yach Club NFTs would be 70 Etc. If someone listed an NFT in the collection for 65, the price floor would be lowered to 65.
The price floor is the absolute lowest price you can find an NFT from a specific collection and be able to immediately purchase it through a reliable reseller like OpenSea or direct from a large company like Larva Labs.
As NFT collections become higher in price, price floor take on much more importance. A year ago, I could have selected a Crypto Punk based on the characteristics I like. Now, I would only consider one selling at the price floor. The top selling ones are millions of dollars.
With OpenSea being able to blacklist addresses, NFTs became a little bit more risky. Since they are non fungible, you can't trade your NFT out for a different one or wash it. You are stuck with the one you bought. If it turns out that someone did something bad with it, you will have trouble reselling it to the general population. Perhaps an underground illegal NFT market will spawn up to sell the blacklisted NFTs. Until then, be careful and only buy from trusted sellers. Until I know more, I am only shopping at OpenSea and I am not going to do anything wrong with my wallet. We love you OpenSea!!
I have been using the website nftpricefloor.com. It is not totally accurate and it doesn't have every chain, but it does do a nice job of displaying the content at OpenSea.