The NFT hype is gradually making its way to Wall Street. Corporate entities are beginning to allocate portions of their treasuries to digital collectibles, tapping into the unique cultural and branding strategies that come with them.
One such is the blockchain developer company Blockchain Technology Consensus Solutions (BTCS), which just added Pudgy Penguins to its NFT treasury. BTCS is listed on Nasdaq, and the latest move has included the company among the first public firms to add NFTs to their corporate treasuries.
According to a tweet, BTCS acquired three Pudgy Penguin NFTs for an undisclosed amount. Data from NFT Price Floor revealed that the average floor price for Pudgy Penguins at press time was 14.12 ether (ETH) – approximately $66,000 with ETH valued at $4,700. This suggests that BTCS purchased the three NFTs for roughly $200,000.
Despite the struggles of the NFT sector in recent years, Pudgy Penguins has managed to remain relevant, gaining traction in the crypto community. The project is currently considered one of the most established NFT collections, with significant community engagement and strong floor prices.
BTCS already holds more than $329 million in ETH. The entity’s ether has ballooned to 70,000 ETH in recent weeks, with its largest single purchase sitting at 14,240.
“We’re excited to announce that BTCS has acquired 3 Pudgy Penguins NFTs to add to their treasury…Treasury Penguins are real,” the Pudgy Penguins team tweeted while announcing the latest development.
It is worth mentioning that BTCS is not the first firm to add NFTs to its corporate treasury. Last month, the gaming-focused company GameSquare began its NFT treasury strategy with a rare CryptoPunk collectible. The firm bought CryptoPunk #5577 for $5.15 million in preferred stock from Robert Leshner, founder of the crypto lending protocol Compound. The actions of BTCS and GameSquare could propel other corporate entities to adopt NFTs in their treasuries.
These developments come as the NFT sector witnesses a rebound in value and trading volume, mainly attributed to ether’s rising price. The market cap of the NFT market just hit levels not seen in months as ETH surged past $4,500. NFT Price Floor shows the market cap sitting above $9.3 billion with about 1,731 collections in existence.
Will more firms adopt NFT treasury strategies as the sector recovers? Stay tuned for updates.
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