Are the monkeys back? Turnaround at the NFT market.

Many people have been burying NFTs in recent months, but now a spectacular turnaround is taking place in the crypto market. The price of the Bored Ape Yacht Club, or the famous digital “ape” collection, has doubled in a matter of weeks, and with it, interest in NFTs has also flared up again. Although the market is still far from the madness of 2021, there are increasing signs that investors are willing to take greater risks again.

The minimum price of the Bored Ape Yacht Club has increased from around 5 ETH to 9.70 ETH in a month, while the price of ApeCoin has also shown significant strength. The background is not only speculation, but also the fact that many traders see a renewed fantasy in community-based digital projects.

Crypto Market Seeks Excitement Again

The rise of NFTs is not an isolated phenomenon. In recent weeks, meme coins and other high-risk crypto assets have also started to gain strength, suggesting that retail investors are becoming more active again.

While decentralized finance projects, or DeFi, are going through a difficult time due to several hacker attacks and loss of trust, many investors are turning to projects that have a strong community behind them. According to Yuga Labs CEO Michael Figge, the price of Bored Ape Yacht Club simply fell too low during the long bear market.

Interestingly, the company says the number of owners has not decreased drastically, meaning that a large part of the community has held on even when prices have plummeted. This could now provide a stable foundation for another rise.

More than speculation

NFTs have long been seen as a get-rich-quick tool, but the market is becoming more nuanced. In recent years, several well-known art institutions and museums have begun to engage with blockchain-based digital art.

Many see speculation as having declined, but the technology itself remains viable. Digital ownership and the role of online communities are now a much more serious issue than they were a few years ago.

Meanwhile, financial services related to NFTs have also gained momentum. For example, a recent multi-million dollar loan transaction based on a CryptoPunk NFT has the crypto community talking, showing that high-value digital collectibles continue to be considered serious assets in some circles.

Community may be the real key

Yuga Labs has recently put a renewed emphasis on community building. They have organized dozens of in-person meetups for Bored Ape owners around the world, because they believe that’s what really worked in the golden age of NFTs.

So the current boom isn’t just about prices. It’s more about the market trying to rediscover the experience and sense of community that once made NFTs a global success.