Last week, the legendary NFT collection CryptoPunks witnessed a remarkable trading volume of $24.6 million, marking the highest weekly transaction volume since March 2024. This significant increase represents a 416% rise compared to the previous week. The floor price surged from 40 ETH to 47.5 ETH, while the average sale price rose from $140,000 to $182,000 over two weeks. The primary catalyst for this surge was the acquisition of Punk #5577 by GameSquare, a media and Ethereum 
$3,094 treasury company listed on Nasdaq, through a $5.15 million preferred share issuance.
GameSquare’s Record-Breaking Punk Purchase Sparks Demand
GameSquare added Punk #5577, one of only 24 “Ape Punks,” to its portfolio at nearly three times the floor price at that time. The company positioned this NFT as an income-generating asset on its balance sheet. This strategic move set a precedent for corporate treasuries and high-net-worth collectors. The purchase marked GameSquare, which is also the parent company of FaZe Clan, as a pioneering institutional investor in NFTs.
By using equity for this investment, GameSquare reinforced the notion that NFTs could be viewed on par with traditional asset classes. Funds and treasury managers began to consider CryptoPunks as a credible digital asset. This perception shift led to increased offers across the collection and a rapid rise in trading volume.
Historical Jumps in Prices and Volumes
The weekly trading volume of $24.6 million stood out as the strongest performance since March 2024. Despite unchanged transaction counts, high-value sales lifted the average. Notably, the floor price’s seven-day rise by 7.5 ETH expanded the collection’s market share.
Similarly, the average sales price skyrocketed from $42,000 to $182,000. Investors perceived GameSquare’s move as a form of “institutional approval,” prompting aggressive buying activity. Consequently, CryptoPunks reaffirmed its blue-chip status in the cryptocurrency market.
The trend indicates a growing institutional interest in NFTs as a viable component of diversified investment portfolios. As a result, demand for NFTs continues to escalate rapidly, showing no signs of slowing down.
This surge not only enhances the profile of CryptoPunks but also elevates the broader perception of NFTs as sophisticated financial assets. The potential for more institutional players in the NFT space appears promising.
