From June onwards, US-based pop culture collectibles company Funko will be releasing an NFT (non-fungible token) on a weekly basis. Given its status as a top dog among the fan collectible makers and coupled with the fact that NFTs are trending hot at the moment, it is only logical for the company to branch out into the NFT scene.
The NFTs in question are expected to be launched on the Worldwide Asset eXchange (WAX) platform. Now, fans and collectors have the opportunity to own digital collectibles modeled after their favorite characters or figures within the pop culture realm.
As stated in the press release, the first Funko NFT in the series will be available sometime in June at a starting price of $9.99.
“Funko is thrilled to advance another platform that our fans and collectors will love and find valuable,” said the Chief Executive Officer of Funko, Brian Mariotti. “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.”
The press release also stated that Funko has acquired a majority ownership stake in TokenWave, the developer behind TokenHead, which is an application that showcases and tracks NFT holdings. What comes after this announcement is the increase in Funko’s stock (NYSE: FNKO) by over 20%.