In a wave of price action reminiscent of the mania of 2017, shortly after announcing the acquisition of the display and tracking platform NFT Tokenwave, the action of the collectibles giant of culture Pop Funko (NYSE: FNKO) rose more than 20%.
Unlike many ads that push the prices up and contain little content from the latest bull run (and the dozens to inevitably come over the next few months), Funko and NFT can be a perfect fit, however.
On Thursday, the creator of the hugely popular Funko Pops collection of collectibles announced in a press release that they have acquired a controlling stake in TokenWave, the developers of the TokenHead NFT application based on the WAX blockchain. The release notes that the investment is their “initial entry into the NFT market” and that the company will launch digital collectibles at a price of $ 9.99 starting in June.
In addition, the company has physical and digital hybrid products in the works, such as pairing Funko’s “rarest NFTs with Funko Pop!” Exclusive exchangeable ‘s. The company will also take advantage of its extensive licensing agreements – an increasingly important source of traction on the NFT platform.
Shares of the company climbed to $ 24.81 on the news Thursday before pulling out in the afternoon. FNKO stock closed at $ 20.96 per share, up 6.5% on the day and more than 100% on the year.
When contacted by UKTN, a representative for Funko declined to comment.
The move should be familiar to industry veterans. At the end of the last bullrun, several companies, such as Kodak, saw massive increases in stock prices following blockchain-related announcements. With the wave of C and D List celebrities looking to make quick cash on NFTs, it was inevitable that companies would follow suit.
However, Funko may well be an exception to the rule. NFTs are an ideal collection vehicle, and digital collectibles offer a new way for the company to connect fans to brands, meaning the company could stay put in the blockchain space. Likewise, Funko’s chosen platform WAX has already seen some success with licensed NFTs, including with a recent Godzilla vs Kong release.