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Funko has announced plans to combine its collectible Pop Vinyl collectibles with digital NFTs starting this June, after it acquired a majority stake in start-up TokenWave.
TokenWave is an app for both iOS and Android that allows users to purchase NFTs, or Non-Fungible Tokens, with a marketplace containing more than 10 million tokens for purchase. Funko’s majority stake in the company is part of a strategy to combine NFT sales with rare Funko collectibles in the future, with the first run of tokens going on sale for $10 in June. A new token will be released weekly thereafter.
According to Funko, the idea is to have rarer NFTs correspond to real-life figures that can be redeemed with the digital token. This will intrinsically tie the collectible to the token, although how that might affect the resale value of either has yet to be determined.
“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 Television, Movies, Sports, Music, Anime, Video Games and Comic Books,” explained Funko CEO Brian Mariotti. “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.”
Unlike many other NFTs, Funko will be leveraging the WAX platform for sales instead of one on the Ether blockchain. If you’d like a crash course on what NFTs are and what they could mean for the future of gaming, be sure to check out our in-depth breakdown of the new crypto craze.
