ABAB News Co-founder KC Vision Attends BAYC Gathering in Hong Kong
From June 25 to 26, 2026, Yuga Labs CEO Michael Figge attended the Bored Ape Yacht Club (BAYC) Asia tour offline event in Hong Kong, posting a photo on the 25th with the caption "you had to be there," featuring bar attendees wearing jackets with Bored Ape logos. ABAB News co-founder KC Vision responded on June 27, stating that the arrangements were great and the evening was enjoyable. The itinerary was previously announced by Figge: Taiwan from June 22 to 24, Hong Kong from June 25 to 26, Shanghai from June 27 to 29, and Seoul from June 30 to July 2.
BAYC was minted in April 2021 at approximately 0.08 ETH each, with 10,000 pieces selling out in about 12 hours, and the historical floor price reaching around 128 ETH. Recent public data shows a floor price of about 6.9 ETH, approximately 5,600 holders, and a market value of around 69,000 ETH, with the floor price still recording double-digit declines. Since Figge took over as CEO in 2026, he has frequently discussed floor prices and the number of independent holders, stating that blue-chip addresses may not decrease in sync during price compression periods. Yuga also operates Mutant Ape, Otherside, and the ApeCoin ecosystem, and has launched multi-chain OTC swaps on its official website.
KC Vision later publicly announced acquiring an NFT and officially joining the club, changing his avatar to a symbol of identity in the crypto world: prices will fluctuate, narratives will change, but what remains is recognition and offline connections. The bar's red lights, bottle walls, and ape avatar projections are a meeting format that continues after the 2021 viral avatar cycle. The Asia tour moved holdings from wallets to the same table.
The floor price has returned from a six-figure USD peak to around five figures. The gathering is not about a new floor price, but about those still willing to wear jackets and go out.
The market mechanism is community premium. Buyers want to see the issuer's holders after the cycle; sellers are Yuga, who write the itinerary as club benefits. Funds were already minted and completed in the secondary market between 2021 and 2022, with the on-site flow being tickets and bar tabs. Beneficiaries are brands that can tie the CEO's itinerary to avatar identity; those under pressure are addresses that only account for floor prices and no longer appear in bars. The event-driven aspect is the June Hong Kong gathering being revisited, not a new floor price breakthrough.
Avatars are first assets, then tickets. Tickets only show their worth after prices have dropped by 90%.
Source: Public Information
ABAB AI Insight
Figge has turned the CEO role into a tour manager. The June 2026 Hong Kong event occurred after the floor price fell far below historical highs, shifting its function from showcasing wealth to maintaining a roster. KC Vision's membership post frames the mutant ape as an identity, representing the sociological use of blue-chip NFTs after their financial attributes weakened: the same JPEG is an asset in a bull market and a community credential in a bear market. ABAB appears as a media brand at the bar, exchanging holdings for interview reach.
The capital path is the residual warmth of the secondary market plus event budgets. Yuga's valuation was once reported at around $4 billion, and ApeCoin and Otherside need offline proof that the club still exists. Multi-chain swaps are finding new counterparties for JPEGs, while the Asia tour is about finding new acquaintances for holders. The minting cost of 0.08 ETH and the current floor price of about 7 ETH represent four years of speculation; bar photos capture things outside the ledger. The narrative of celebrity holdings has faded, and regional interactions and jackets have become cheaper forms of communication.
Analogies include jersey memberships and car club annual meetings. The industry phase is controlling the roster. Whoever can still organize cross-city bar gatherings retains the cultural residual value of blue chips. The floor price is quoted in ETH, while the residual value is quoted based on willingness to appear. When the two decouple, issuers can only increase face-to-face interactions.
Structural changes indicate a shift in pricing power. The mechanism is that financial pricing power is handed to the secondary market, while identity pricing power remains in rooms where holdings can be verified. JPEGs no longer automatically equate to wealth, but still equal entry on certain nights. The cycle takes away the digital aspect, leaving those willing to go out for the monkeys.
ABAB News · Laws of Cognition
- In a bull market, the floor price is bought; in a bear market, those willing to meet remain.
- Avatars are first assets, only revealing whether they are tickets after a drop.
- Brand tours shift from showcasing to roll call when prices are weakest.