Bored Ape Yacht Club NFTs have seen floor prices surge roughly 55% year-to-date, climbing to around 93 ETH, or approximately $225,000. The rally tracks closely with the broader crypto market’s renewed appetite for risk.
Yuga Labs, the company behind BAYC, raised $450 million in seed funding led by Andreessen Horowitz, valuing the company at $4 billion. The firm used its position to acquire CryptoPunks and Meebits from Larva Labs, gaining control over three of the most historically significant NFT collections.
The 55% year-to-date climb in BAYC floor prices could pull other NFT collections upward. Projects like Azuki, Pudgy Penguins, and Doodles tend to follow BAYC’s trajectory with a slight lag. Ethereum’s strengthening price provides a tailwind since NFTs are denominated in ETH.