BAYC's floor price doubled to 10 ETH in a month; Yuga Labs CEO claims blue-chip NFTs are oversold.

According to ME News, on May 10th (UTC+8), the floor price of Bored Ape Yacht Club (BAYC) rose from approximately 5 ETH to 10 ETH over the past month, while the ecosystem governance token ApeCoin (APE) also rose from below $0.10 to approximately $0.16, with a significant increase in trading volume. Michael Figge, the new CEO of Yuga Labs, stated that, numerically, blue-chip NFTs were clearly oversold for some time. He said, "There has been a huge compression in prices, but if you overlay the charts, the number of independent holders is actually increasing." Figge, who has held several executive positions at Yuga Labs since 2022 and took over as CEO last month, believes that NFT prices have become decoupled from user engagement during the prolonged downtrend. Some market participants also pointed out that the increasing pressure on the DeFi sector may be another driving factor for the resurgence of NFT demand. Recent exploitation incidents and declining lending protocol yields have dampened confidence in the sector. The NFT financial market is also showing signs of renewed activity. Earlier last week, a $2.8 million NFT-linked mortgage loan tied to CryptoPunk circulated widely on social media, with the lender expected to earn approximately $138,000 in interest over 90 days—described by traders as one of the largest NFT mortgage loans to date. The broader NFT rally isn't limited to BAYC. Pudgy Penguins have also surged in recent weeks, while traders speculate that OpenSea may reignite market activity through a token issuance. (Source: ME)