Digital Media Company Gamesquare (GAME) said it bought the Cowboy Ape #5577 by Cryptopunk Non-Fungible Token (NFT) Collection from Robert Leshner for $ 5.15 million.
The Frisco, Texas-based company, which described the purchase of a strategic investment, also said it added just over $ 10 million ether (ETH) to its treasury. Leshner, the founder of Compound Labs, an open source protocol for algorithmic money markets at Ethereum, received the company’s preferred share in payment
Cryptopunks are one of the earliest and among the most influential NFT projects. Created in 2017, they inspired much of the modern crypto art movement and set a precedent for digital ownership on blockchain.
“Gamesquare plans to utilize cryptopunks for marketing activations, community building and potential licensing opportunities,” the company said in a Thursday message.
The company’s purchase of 2,742.75 ETH takes its total holdings to 12,913.49 ETH, valued at around $ 48.5 million.
A number of companies have revealed ether chamber strategies in recent months as a means of generating passive yield through ETH stacks. Among them is the Sharplink Gaming (sbet), now the largest company’s ethermina, with over 360,000 ETH.
Companies in media, entertainment and gaming sectors such as Sharplink and Gamesquare can see an Ether Treasury strategy as a means of promoting their web3 ambitions through investment in the Ethereum -Ecosystem and thereby getting exposure to NFTs, decentralized funding (DEFI) and more.
The game shared at $ 1.44, an intradag gut of almost 8%after the message before retiring. At the time of writing, it traded 4.8% higher at $ 1.33.
