Yuga Labs CEO Says BAYC NFTs Were Oversold as Floor Prices Double in a Month
Yuga Labs’ new CEO said the NFT market was “oversold” and that prices fell further than fundamentals justified, as Bored Ape Yacht Club floor prices have doubled over the past month. The executive’s comments, reported by CoinDesk on May 10, come as cryptocurrency traders rotate back into speculative digital assets after months of subdued activity.
BAYC’s recovery is the most visible signal of renewed appetite for blue-chip NFT collections.
The CEO’s Argument
The Yuga Labs chief told CoinDesk in an interview that the NFT selloff had pushed floor prices below fair value. The core claim is that market participants oversold the category, not that fundamentals deteriorated beyond recovery.
The CEO did not put a specific price target on BAYC collections but said broader trader risk appetite is returning. Floor prices for BAYC have risen roughly 100% over the past 30 days, according to the CoinDesk report.
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Background
The NFT market peaked in early 2022, when BAYC floor prices briefly exceeded 150 ETH.
The following two years brought a prolonged correction across virtually every major collection, with BAYC floor prices falling more than 90% from their highs by late 2024. Yuga Labs, the company behind BAYC, responded by cutting staff, restructuring operations, and replacing leadership. The appointment of a new CEO was part of that broader reset.
Prior to this week’s comments, the new leadership had kept a low profile since taking the role. The current floor-price recovery aligns with a wider pattern of risk rotation in cryptocurrency markets, as traders who accumulated Bitcoin (BTC) and Ethereum (ETH) through 2024 and early 2025 begin reallocating into higher-risk assets.
Also Read: Ethereum Holds $2,300 as $10 Billion in Daily Volume Keeps the Network’s Floor Intact
What Comes Next
The NFT recovery story hinges on whether broader risk appetite holds.
If cryptocurrency markets pull back, speculative assets including NFTs typically absorb outsized losses first. The Yuga Labs CEO’s comments are positioned as a buy-the-dip narrative, but no specific roadmap or product catalyst accompanied the remarks.
Traders and analysts will watch whether BAYC floor prices can hold above recent highs or whether the current rally stalls once the rotation trade exhausts itself.
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