It’s April Fools’ day, but this is no joke: Funko is betting big on the growing world of the non-fungible token (NFT) with the acquisition of a majority stake in TokenWave, the company behind TokenHead, a mobile app and website for showcasing and tracking NFT holdings. The news comes three weeks after Funko CEO Brian Mariotti explained to Yahoo! Finance that the Washington-based maker of collectibles, toys, and lifestyle products had a “plan in place” to completely “disrupt this space in a way that no one else is doing right now.”
In recent weeks, NFTs have moved beyond being a buzzworthy acronym and into the realm of serious toys and collectibles. For those unfamiliar, an NFT is a unique digital asset that’s held in a digital ledger on the blockchain. Last year, The Topps Co. held an NFT Day as part of its DigiCon 2020, and this week, Legendary Pictures is getting in on the action with NFTs inspired by Godzilla Vs. Kong.
“Funko is thrilled to advance another platform that our fans and collectors will love and find valuable,” says 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 TV, 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.”
Beginning in June, Funko will launch NFT offerings on the WAX platform, the leading decentralized wallet on the blockchain, which provides verifiable authenticity for purchases of Funko NFTs. Mariotti says that the NFTs will start at an affordable price point of just $9.99.
“The marriage of digital and physical using WAX’s patented NFT technology known as vIRLs is powerful,” he says. “Our ability to combine Funko Pop! digital NFTs with exclusive Funko Pop! Vinyl Figures has the potential to be a game-changer.”
For a detailed explanation of NFTs and how they work, check out the following sketch from Saturday Night Live (SNL). Oddly enough, a comedy sketch starring Pete Davidson is perhaps the most comprehensive and easy-to-understand guide for the bold new world of NFTs.