NFTs Making a Comeback? Yuga Labs’ SEC Win Sparks Market Buzz

The NFT market has been a wild ride—peaking in 2021, cratering in 2023, and now, as of March 06, 2025, showing tentative signs of life. The latest catalyst? The U.S. Securities and Exchange Commission (SEC) has officially ended its three-year investigation into Yuga Labs, the creative force behind Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club, and CryptoPunks. This isn’t just a win for Yuga—it’s a potential turning point for digital collectibles. Launched in 2022 under former Chair Gary Gensler, the SEC probe sought to classify certain NFTs, like fractional ones, as securities. Yuga Labs celebrated the closure on X, proclaiming, “NFTs are not securities,” a stance that echoes the beliefs of collectors who see these assets as unique ownership pieces, not speculative stocks. With the SEC also recently dropping cases against OpenSea, Coinbase, and Kraken, a regulatory thaw seems underway. For creators like us at Fierce Studios, behind the Fierce Models NFT collection, this shift fuels renewed optimism. But does it signal a broader NFT comeback?

Let’s dive into the data and trends.

Opensea 30-day trend

Market reactions offer a glimpse of the mood. BAYC’s floor price spiked to 13.75 ETH (about $29,650) after the SEC news—a notable uptick, though still a far cry from its 153.7 ETH peak in 2022. Other Yuga assets, like Mutant Ape NFTs and ApeCoin, linger at over 95% below their highs, and CryptoPunks have shed more than 70% of their value. Beyond Yuga, the outlook is mixed but intriguing. Technavio’s February 2025 report predicts the NFT market will grow by $84.13 billion from 2025 to 2029, boasting a 30.3% CAGR, driven by digital art and brands like Visa entering the space. Yet, Cointelegraph’s January 2025 recap dubbed 2024 the worst year for NFT trading volume since 2020, per DappRadar, underscoring persistent volatility. X reflects this split: @Grazi (February 27) noted top ETH collections like Punks and BAYC holding firm, some up 25%, while @tn1uan (February 28) called NFTs “toast” amid a 30% volume drop. Meanwhile, @Envelop_project (March 3) spotlighted innovative uses like AI-driven NFTs, and Yuga’s own March 3 X post framed the SEC win as an ecosystem boost.

Fierce Studios

For us at Fierce Models, this moment feels personal. Launched in the Web3 pioneer days of 2021/2022, our collection of 10,000 generative NFTs—each crafted from over 500 traits like shirts, skirts, sunglasses, and the faces of 10 real fashion models—sold out its full mint.

Partnering with Saucony, a global fashion brand, we embedded rare NFTs with Saucony sneakers draped over shoulders in 100 of our pieces, boosting their resale value and marking one of the first major fashion-Web3 crossovers. Our journey took us to stages at VeeCon, NFTNYC, NFTLondon, and ETH Denver, with our founders Michelle and Peg sharing the spotlight at VeeCon alongside such luminaries as Coach CEO Todd Kahn, discussing fashion’s Web3 potential.

Fierce Studio in Decentraland

Metaverse

We’ve built a 3-story photo studio in Decentraland and Voxels, hosting dance parties for hundreds in our community, and deployed metaverse wearables—sunglasses, crowns, halter tops—that brought our vision to life. The SEC’s step back rekindles our belief that NFTs can thrive as creative, utility-driven assets, not just speculative gambles.

This regulatory shift could be a game-changer industry-wide. It’s emboldening developers to push boundaries—whether through gaming, identity, or fashion-forward projects like ours—and giving investors reason to reconsider a market battered since 2022. Analysts see the Yuga decision as a precedent for broader acceptance, though challenges persist: banking policies lag (Custodia Bank’s CEO recently criticized federal roadblocks), and a potential U.S. administration change could shift enforcement again. X posts hint at a pivot from hype to substance—think financial NFTs or metaverse integrations—which aligns with our own path at Fierce Studios. We’re optimistic, not just because of market flickers, but because the space feels ripe for sustainable innovation.

Concludion

So, are NFTs staging a comeback? It’s not the 2021 moonshot redux—not yet. Prices lag, and volume isn’t roaring back. But for us at Fierce Models, and perhaps the wider ecosystem, it’s a cautious yes. The SEC’s retreat, paired with niche growth and projects like ours finding new footing, suggests a rebirth rooted in purpose over frenzy. We’re optimistic —and watching closely as the story unfolds. For creators and collectors alike, this could be the start of something even better than before.