Bored Ape NFTs are finally making a comeback as crypto traders rediscover their appetite for risk
Key takeaways
- Yuga Labs CEO Michael Figge said NFT prices had become disconnected from growing holder participation during the prolonged market downturn.
- For Yuga Labs' newly appointed CEO, Michael Figge, the rally reflects more than short-term hype.
- “It’s clear from the numbers that for some time, as far as blue-chip digital collectibles go, it was oversold,” Figge told CoinDesk in an interview.
Yuga Labs CEO Michael Figge said NFT prices had become disconnected from growing holder participation during the prolonged market downturn. Renewed momentum in memecoins, NFT-backed lending and collections like Pudgy Penguins is fueling hopes of a wider revival in digital collectibles.Bored Ape Yacht Club (BAYC) non-fungible tokens are surging again, fueling hopes of a broader revival in the battered NFT market as speculative appetite returns across crypto.
Floor prices, or the lowest value for the flagship Yuga Labs collection, have climbed from around 5 ETH to 10 ETH over the past month, while apecoin (APE), the ecosystem’s governance token, has also rallied from below $0.10 to about $0.16 with a sharp increase in trading volumes.
The rebound comes as memecoins and other high-risk crypto assets are outperforming more defensive sectors such as decentralized finance (DeFi), suggesting retail traders are perhaps returning to the market after months of subdued activity.