Funko Enters The World Of NFTs After Gaining A Majority Stake In Tokenwave
Funko Enters The World Of NFTs After Gaining A Majority Stake In Tokenwave
April 3, 2021
Funko Enters The World Of NFTs After Gaining A Majority Stake In Tokenwave
Funko Enters The World Of NFTs After Gaining A Majority Stake In Tokenwave
April 3, 2021

Funko is a leading pop culture consumer products company. It has its headquarters in Everett, Washington. It recently announced in its press release that it has acquired the ownership stake in TokenWave, LLC, the developer of TokenHead. NFTs are an ideal gallery of avant-garde works, that provides a fresh and illuminating as well as a great experience to Funko giving a new way for it to connect with fans to brands.

TokenHead, available on iOS and Android, is a mobile app and website for exhibiting and tracking Non-Fungible Token (“NFT”) holdings. The application currently displays over 10 million NFTs and has more than 100,000 visits per day. The acquirement is one of the significant achievements for Funko as it accelerates Funko’s entry into the NFT market. The investment further extends the Company’s pop culture platform to include digital assets.

ALSO READ :  National Bank of Cambodia Reveals Technical Details of its Upcoming Blockchain-Based Payments System

Funko is planning to release its initial NFT offerings in June, featuring a unique asset each week starting at $9.99. The products will be sold on the WAX platform.

Brian Mariotti, Chief Executive Officer of Funko said:

Funko is thrilled to advance another platform that our fans and collectors will love and find valuable. Our strategy in this space is clear – bring the value-added NFT opportunity to our licensing partners to leverage our broad range of existing pop culture content across Television, Movies, Sports, Music, Anime, Video Games and Comic Books. Our amazing licensing partners are excited about our entry into this new digital space and we believe the diversity of our licensing portfolio sets us up for long-term success.

Mariotti further added:

The marriage of digital and physical using WAX’s patented NFT technology known as vIRLs™ is powerful. Our ability to combine Funko Pop! digital NFTs with exclusive Funko Pop! Vinyl Figures has the potential to be a game-changer. By backing the rarest of the Funko NFTs with exclusive redeemable Funko Pop!s, we are poised to enter the NFT market in a very unique manner. Importantly, we plan to make Funko NFTs broadly accessible to our fans by providing affordable entry pricing. Utilizing WAX Blockchain technology, we have the opportunity to eventually bring Funko collectible NFTs to our millions of fans around the globe. The NFT world is all about content, and Funko has been connecting fans to the content they love for over 20 years.

The company’s stock rallied as high as $24.81 on April 1, rallying over 20%, before cooling off. Funko’s stock (FNKO) closed at $20.96 per share, up 6.5% on the day and over 100% on the year.

ALSO READ :  Oxford And Cambridge Universities To Build Crypto Trading Algorithms On Coinbase Pro And FTX

Source: Cointelegraph | Image: kryptonitekollectibles


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Report: Ethereum Can Go To $10,000 In 2021

Report: Ethereum Can Go To $10,000 In 2021

A report by professional trader Scott Melker said that Ethereum can go to $10,000 in 2021 and can overshadow Bitcoin. It has been reported that Melker sees this period of Bitcoin’s price consolidation as particularly...

Rashmi Singha

Rashmi Singha is a content writer at Crypto News Point. A learner, an observer who loves to communicate with people. Having a tad bit of experience in content writing, she aspires to learn the other disciplines in the respective field.