PANews reported on May 10th that, according to Coindesk, risk appetite in the crypto market has rebounded, with blue-chip NFT project Bored Ape Yacht Club (BAYC) showing a strong recovery, driving the sector's overall recovery. Data shows that BAYC's floor price rose from 5 ETH at the beginning of the month to 10 ETH; its ecosystem token APE also strengthened, rising from below $0.10 to $0.16, with a significant increase in trading volume.

This rebound, accompanied by high-risk assets like memecoin outperforming the DeFi sector, reflects a return of retail investor funds. Michael Figge, the new CEO of Yuga Labs, believes that BAYC was previously oversold, with the price drop disconnected from user activity, and the number of unique holders actually increasing. He argues that this rally is a corrective rebound rather than pure speculation.

The NFT market is showing a structural recovery, with blue-chip stocks like Pudgy Penguins rising in tandem. Meanwhile, there's an increase in NFT financialization cases, with a recent $2.8 million CryptoPunks mortgage loan finalized, accruing $138,000 in interest over 90 days. Industry insiders believe that NFTs are shifting from pure speculation to community value and on-chain ownership recognition, and several top art institutions have been continuously investing in NFT collections.