Funko shares soar after toymaker strikes deal to enter NFT market
The Merch Awakens: “Star Wars” Flash Before Filming “Funko Pop Star Wars action figures are on shelves at Meltdown Comics and Collectibles in Los Angeles on October 30, 2015.
Robyn Beck | AFP | Getty Images
Funko’s shares rose 19% early on the day of trading after the pop culture collectibles collector acquired a controlling stake in TokenWave, bringing it to the NFT market.
TokenWave is behind the TokenHead app and website, which tracks inventory of unverifiable tokens.
The financial terms of the deal were not disclosed.
Funko, known for its oversized head dolls, plans to launch its own NFT offerings in June. A new one is rolled out every week, starting at $ 9.99.
“Our strategy in this area is clear: Offer our licensing partners the opportunity to use NFT with added value in order to use our broad spectrum of existing pop culture content for television, films, sports, music, anime, video games and comics,” he said CEO Brian Mariotti said in a statement.
Funko has a market capitalization of $ 959.4 million. The stock is up nearly 414% over the past 12 months as the market closed on Wednesday.
The full press release from Funko can be found here.