Following the release of the company’s new Kids of the Trash (NFT) and Topps’ recent Godzilla NFT collections, leading pop culture consumer products company Funko Inc. has announced that the company is also joining the NFT fold. Funko announced Thursday that it has acquired Tokenwave LLC. The investment is intended to bring the company into the digital asset and NMT markets.
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Funko (Nasdaq: FNKO), a publicly traded company, is a well-known American company founded in 1998 by Mike and Claudia Becker. Since then, the company has catapulted itself into one of the leading brands in pop culture over the past two decades. Funko makes numerous products, but the company is best known for its licensed beaver heads and vinyl figures. The investment in Tokenwave LLC is intended to expand the company’s pop culture platform into digital assets.
Tokenwave is the developer of Tokenhead, a smartphone app that allows people to collect NFTs. The app is available on Android and iOS, and the 10 million NFTs hosted on the platform receive 100,000 visitors per day. The exact figures for the acquisition of Funko Tokenwave were not disclosed. Funko plans to launch the NMT offering in June, with a starting price of $9.99 per week. Funko-focused NFT products will be placed on the WAX blockchain marketplace, the announcement said.
Funko is very excited to promote another platform that our fans and collectors will love and find valuable, said Brian Mariotti, CEO of Funko. Our strategy in this area is clear: we want to give our licensing partners the opportunity to use a wide range of existing pop culture content in television, movies, sports, music, anime, video games and comics. Our excellent licensing partners are excited about our entry into this new digital space, and we believe the diversity of our licensing portfolio will ensure our long-term success, the director added.
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According to statistics, the 23-year-old company generates more than $500 million in revenue per year. Since Mariotti took the helm as CEO, Funko has significantly expanded its toy lines and signed deals with well-known companies.
Our ability to combine NFT digital Funko Pop with exclusive Funko Pop vinyl figures has the potential to be a game changer, Mariotti adds. By supporting the rarest Funko NFTs with exclusive tradable Funko Pop!s, we are ready to enter the NFT market in a very unique way.
The NFT industry will likely expand Funko’s product line. The company has sold over 20,000 different products since 1998. The announcement also states that Funko will be using NFT’s patented WAX technology called vIRLs. Mariotti called the technology powerful, and he believes the NFT space is all about content, which Funko has been offering for 20 years, the CEO noted.
What do you think about Funko getting into the business of collecting incomparable tokens (NFT)? Let us know what you think in the comments below.
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Bobblehead, Bobbleheads, Brian Mariotti, Funko, Funko NFT, Funko Pop!, Nasdaq: FNKO, nft, NFT assets, NFT collectibles, NFTs, non-fungible tokens, Vinyl Funko Pop, Wax Blockchain.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Funko Pop!
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