In a flurry of price action reminiscent of 2017 mania, shortly after announcing that they had acquired NFT display and tracking platform Tokenwave, pop-culture collectibles giant Funko’s stock (NYSE: FNKO) rallied over 20%.
Unlike many price-pumping announcements heavy on hype and sparse on content from the last bull run (and the dozens inevitably to come over the next few months), Funko and NFTs may be a perfect fit, however.
On Thursday the creator of the widely popular Funko Pops collectibles line announced in a press release that they had acquired a majority stake TokenWave, the developers of the TokenHead NFT app built on the WAX blockchain. The release notes that the investment is their “initial entry into the NFT market,” and that the company will be releasing digital collectibles at a $9.99 price point starting in June.
Additionally, the company has physical-and-digital hybrid products in the works, such as pairing the “rarest of the Funko NFTs with exclusive redeemable Funko Pop!s.” The company will also be leveraging its extensive licensing agreements — an increasingly important source of NFT platform traction.
The company’s stock rallied as highTitle: Collectibles giant Funko shares surge after acquiring NFT app Tokenwave
Sourced From: cointelegraph.com/news/collectibles-giant-funko-shares-surge-after-acquiring-nft-app-tokenwave
Published Date: Fri, 02 Apr 2021 17:56:49 +0100