NFT Market Rebounds: BAYC, MAYC, and CryptoPunks Lead Bullish Gains

The NFT market is experiencing a surge of optimism as major collections report significant price floor gains. Key figures, including Andrew Kang, Co-Founder of Mechanism Capital, are expressing strong bullish sentiments about the sector’s future. In a recent , Kang shared his unwavering confidence in NFTs, forecasting an “abundant and plentiful NFT bull market” ahead.

This renewed optimism is reflected in the impressive weekly performance of leading NFT collections. CryptoPunks remains a dominant force, with its price floor reaching 42.99 ETH ($159,466), a 14.09% increase over the past week.

Close behind, the Bored Ape Yacht Club (BAYC) saw a massive 98.46% surge in its floor price, now at 23.20 ETH ($85,842), alongside a remarkable weekly trading volume of 6,281 ETH.

Meanwhile, The Mutant Ape Yacht Club (MAYC) led the pack with an extraordinary 124.68% increase, bringing its floor price to 4.27 ETH ($15,796). Other collections, such as Pudgy Penguins, Milady Maker, and Azuki, also posted gains of over 25%.

Andrew Kang reiterated his belief in the long-term potential of , suggesting the sector will again deliver life-changing gains for investors and holders. He attributes the ongoing resurgence to the growing financial capabilities of AI entities, which he believes will increasingly prioritize digital assets like NFTs over physical luxury goods.

“As AIs become extremely wealthy, they will not be able to buy physical luxury goods, so they will buy NFTs,” Kang stated.

Kang also discussed the competitive dynamics within the NFT marketplace landscape, highlighting Magic Eden’s $3 billion fully diluted valuation (FDV). He suggested this valuation may be inflated compared to Blur, which holds a larger market share.

According to Kang, Blur is “extremely underpriced,” and activating a fee switch mechanism could increase its value for token holders.

Notably, the ongoing resurgence of the NFT market aligns with the broader crypto bull market. Bitcoin is approaching $100K, and the global market has reached an all-time high above $3.5 trillion.