Funko Inc. (FNKO) stock surges by 14.02% in the current market trading after FNKO announced that they have acquired majority ownership in TokenWave LLC. Funko is a popular pop culture merchandise company. Funko creates, sources, and distributes licensed pop culture goods such as vinyl dolls, action figures, plush, clothing, board games, housewares, and accessories for fans who want to interact with their favorite pop culture brands and characters in a tactile way.
What is happening?
Funko reported today that it has acquired a majority ownership interest in TokenWave who is also the maker of TokenHead is a famous mobile app and website for showcasing and monitoring Non-Fungible Token “NFT” holdings. TokenHead is an iOS and Android app that currently shows over 10 million NFTs and receives over 100,000 daily visits. The investment’s financial terms were not disclosed. Funko’s entrance into the NFT market will be accelerated, and FNKO’s pop culture channel will be expanded to include digital assets as a result of the investment.
FNKO plans to launch its first NFT offerings in June, with a new property being released every week at a starting price of $9.99. Items will be sold on the WAX network, the leading decentralized blockchain wallet that guarantees the validity of Funko NFT transactions.
The CEO of Funko said that they are extremely looking forward to this new development in FNKO, as this platform will be highly beneficial for the fans. He added that FNKO’s approach in this space is simple which is to provide their licensing partners with a value-added NFT opportunity to leverage their existing pop-culture content through television, movies, sports, music, Anime, video games, and comic books. Lastly, he mentioned that FNKO has fantastic licensing partners who are ecstatic about our foray into the digital realm, and we believe the breadth of our licensing portfolio positions us well for the long haul.