Bored Ape NFTs Surge as Crypto Traders Seek Risk

Bored Ape Yacht Club (BAYC) non-fungible token floor prices have doubled in the past month, climbing from approximately 5 ETH to over 10 ETH. This resurgence is attributed to a renewed appetite for risk among crypto traders, who are rotating back into speculative assets like memecoins and away from more defensive decentralized finance (DeFi) protocols. The rally in BAYC and its associated ApeCoin suggests a potential broader recovery for the NFT market, with Yuga Labs CEO Michael Figge noting that prices had become disconnected from holder participation during the downturn. Increased activity in NFT-backed lending and other digital collectible collections also signals growing interest.