GameSquare Buys CryptoPunk NFTs for $5,15M

GameSquare acquired NFT from the CryptoPunk collection and announced that it would be keeping the iconic non-fungible token as a «strategic asset».

This is not just our first NFT“This project is a signal that we are thinking differently and expanding our presence in digital culture, creating a next-generation media company with cryptocurrency in its DNA,” said GameSquare CEO Justin Kenna.

It is known that GameSquare bought NFT CryptoPunk #5577, one of 24 «Ape Punks» by Robert Leshner, founder DeFi- Superstate platforms. The deal cost the company $5,15 million. That’s how much the crypto company’s preferred shares cost, which the former owner of the popular NFT.

Leshner purchased CryptoPunk #5577, which features a cowboy hat, in February 2022 for 2501 ETH.

Series of 10,000 NFT Cryptopunks was one of the first experiments with non-fungible tokens, launched in 2017. Yuga Labs, which acquired the intellectual property in March 2022, Cryptopunks from the creator of Larva Labs, sold the project to the non-profit organization Infinite Node Foundation in May of this year.

GameSquare is one of many emerging companies that are dabbling in treasury operations. Ethereum. Earlier this month, the company’s board of directors approved the $100 million in ETH treasury clearance, which was later expanded to $250 million. The company acquired approximately 10,170 ETH, the value of which as of July 21 was $52 million.

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