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.
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.