The digital collectible market is waking up alongside a broader crypto rally. According to Yuga Labs CEO Michael Figge in a recent interview with CoinDesk, flagship collections spent a significant amount of time in "oversold" territory.
Now, retail traders are rotating back into high-beta assets, moving away from more conservative sectors.
Data from nftpricefloor confirms that the "floor price" — the entry-level cost for a Bored Ape Yacht Club (BAYC) NFT — doubled over the past month, jumping from 5 ETH to 10 ETH.
The ecosystem’s native token, ApeCoin (APE), followed a similar trajectory. Over the last 30 days, the asset climbed from $0,08 to its current level of $0,15.
This surge is moving in lockstep with the memecoin rally, which is currently outperforming the decentralized finance (DeFi) sector in terms of returns.
Figge, who took the helm at Yuga Labs last month, views the current price action as a logical correction.
“During the prolonged market slump, the prices of "blue-chip" NFTs lost touch with reality. Even as market values cratered, the number of unique holders actually grew”, he noted.
Structural issues in DeFi are also nudging investors to look elsewhere. Constant protocol exploits and thinning yields on lending platforms have forced market participants to rethink their priorities.
While a single smart contract bug in DeFi can result in a total loss of funds, NFTs are anchored by social communities that stay engaged regardless of market volatility.
The revival isn't limited to the Apes. Other major projects are seeing renewed demand, including Pudgy Penguins, which saw its floor price rise from 4,18 ETH to 5,57 ETH over the same period.
This post is for informational purposes only and does not constitute advertising or investment advice. Please do your own research before making any decisions.
