CryptoPunks NFTs see highest weekly trading volume since March 2024
Quick Take
- The surge in interest in the series was likely caused by GameSquare issuing $5.15 million in preferred shares to purchase Punk #5577.
- The following is excerpted from The Block’s Data and Insights newsletter.
The CryptoPunks NFT series saw over $24.6 million worth of trading volume last week, its highest weekly total since March 2024. This also represents a 416% increase compared to the prior week.
Both its floor price and average sale price also experienced notable surges last week, with the floor price increasing from roughly 40 ETH to 47.5 ETH. In dollar terms, the average sale price of a CryptoPunk increased from $140,000 two weeks ago to $182,000 last week.
The surge in interest and trading activity of CryptoPunks was likely caused by publicly traded Ethereum treasury firm GameSquare issuing $5.15 million in preferred shares to purchase Punk #5577, one of only 24 "Ape Punks."
GameSquare is a Nasdaq‑listed media firm and the parent company of popular gaming and entertainment organization, FaZe Clan. The company valued the Punk at ~3x the then‑floor, marking the first major corporate NFT acquisition financed with equity, while also framing the Punk as a yield‑bearing balance‑sheet asset. The deal likely signaled to funds, treasuries, and high‑net‑worth collectors that the blue‑chip NFTs are now legitimate treasury assets, prompting fresh bids across the entire collection.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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