Preheat your oven to 425°F. Line a baking sheet with aluminum foil and place a wire rack on top.
In a large bowl, combine olive oil, paprika, garlic powder, onion powder, cayenne pepper, salt, and black pepper. Mix well to form a spice rub.
Pat the chicken thighs dry with paper towels. Rub the spice mixture evenly over each thigh, ensuring they are well coated.
Place the chicken thighs skin-side up on the wire rack. Bake in the preheated oven for 35-40 minutes, or until the internal temperature reaches 165°F and the skin is crispy.
While the chicken is baking, mix the buffalo sauce and melted butter in a small bowl. Set aside.
Once the chicken is done, remove it from the oven and let it rest for 5 minutes. Drizzle the buffalo sauce mixture over the chicken thighs before serving.
Garnish with chopped fresh parsley if desired.