On May 10, the floor price of Bored Ape Yacht Club (BAYC) rose from approximately 5 ETH to 10 ETH over the past month, while the governance token ApeCoin (APE) increased from below $0.10 to around $0.16, with a significant rise in trading volume. Yuga Labs' new CEO Michael Figge stated that, based on the data, blue-chip NFTs have clearly been oversold for some time. He noted, "There has been a huge compression in prices, but if you overlay the charts, the number of unique holders is actually increasing." Figge, who has held various executive positions at Yuga Labs since 2022, took over as CEO last month and believes that NFT prices have decoupled from user engagement during the prolonged downturn. Some market participants also pointed out that the increasing pressure in the DeFi sector could be another driver for the renewed demand for NFTs. Recent incidents of exploits and declining yields in lending protocols have undermined confidence in that sector. The NFT financial market is also showing signs of reactivation. Earlier last week, a $2.8 million NFT mortgage linked to CryptoPunk circulated widely on social media, with the lender expected to earn about $138,000 in interest over 90 days—traders described it as one of the largest NFT mortgages to date. The broader NFT rebound is not limited to BAYC; Pudgy Penguins have also seen significant increases in recent weeks, while traders speculate that OpenSea may reignite market vitality through a token issuance.