GameSquare Ventures into Crypto with Strategic NFT Acquisition
In a daring move to cement its position within the digital world, GameSquare has snapped up an NFT from the renowned CryptoPunk collection. The company plans to maintain this non-fungible token as a key strategic asset, signaling a big shift of their approach.
A New Chapter for GameSquare
“This isn’t just our first NFT; it’s a clear message that we’re evolving,” said GameSquare CEO Justin Kenna. “We’re diving deeper into digital culture and aiming to build a next-gen media company with cryptocurrency at its core.”
The Details of the Acquisition
GameSquare’s latest addition is CryptoPunk #5577, famously referred to as one in all the 24 “Ape Punks” designed by Robert Leshner, the mastermind behind DeFi-Superstate platforms. This deal set GameSquare back a cool $5.15 million, which equals the popular shares of the previous NFT owner.
A Look on the Past
Back in February 2022, Leshner acquired CryptoPunk #5577, notable for its cowboy hat, for a hefty 2501 ETH. Clearly, this NFT has been within the highlight for some time now.
Understanding Cryptopunks
The Cryptopunks series, comprising 10,000 unique NFTs, was among the many pioneering ventures into the world of non-fungible tokens. Launched in 2017, this collection gained a brand new owner, Yuga Labs, in March 2022. However, just a few months ago, the project found a brand new home with the non-profit Infinite Node Foundation.
GameSquare’s Strategic Moves
GameSquare is not only stopping at NFTs. They’re venturing deeper into Ethereum-based treasury operations. This month, their board approved a big $100 million clearance in ETH, which has since expanded to $250 million. As of July 21, that they had amassed around 10,170 ETH, valued at $52 million.
Image Credit: happycoin.club
