BAYC Floor Price Doubles to 10 ETH in One Month, Yuga Labs CEO Says Blue-Chip NFTs Are Oversold

BlockBeats News, May 10th, The Bored Ape Yacht Club (BAYC) floor price has risen from about 5 ETH to 10 ETH in the past month, and the ecosystem governance token ApeCoin (APE) has also surged from below $0.10 to around $0.16, with a significant increase in trading volume. Yuga Labs' newly appointed CEO, Michael Figge, stated that from a digital standpoint, blue-chip NFTs have clearly been oversold for a period of time. He said: "The price has seen a significant compression, but if you overlay the chart, you'll see that the number of unique holders is actually increasing." Figge has held multiple executive positions at Yuga Labs since 2022 and took over as CEO last month. He believes that NFT prices have decoupled from user participation during a prolonged downtrend.

Some market participants also pointed out that the DeFi sector is increasingly under pressure, which may be another driving factor for the resurgence in NFT demand. A series of recent exploit events and a decline in lending protocol yields have shaken confidence in the sector. Signs of renewed activity in the NFT financial market have also emerged. Earlier last week, a $2.8 million NFT-backed loan tied to CryptoPunks circulated widely on social media, with the borrower set to earn around $138,000 in interest over 90 days—traders described it as one of the largest NFT-backed loans to date. The broader NFT rebound is not limited to BAYC. Pudgy Penguins have also seen a significant surge in recent weeks, while traders speculate that OpenSea may reignite market activity through token issuance.