Funko has been able to survive the whole digital hardships that most toymakers face and is now deciding to finally embrace digitalization with NFTs. The popular Everett, Wash-based toymaker recently announced its acquisition of a major stake in TokenWave, the known developer of TokenHead, a certain mobile app popular for showing NFT holdings. The financial details have not yet been disclosed.
NFTs are now extremely popular with games, other forms of art, and even the first Tweet ever have all become NFT offerings online. TokenHead is now available on Android and iOS and also currently displays well over 10 million NFTs gaining 100,000 visits a day.
According to the story by GeekWire on Thursday, April 1, Funko plans to launch its very first NFTs this June selling a unique one every week with a starting price of $9.99. According to Funko CEO Brian Mariotti decided to merge both the physical and digital in a powerful offering. Mariotti recently said that their ability to combine both Funko Pop and digital NFTs with the vinyl figures could become a game changer.
Rare Funko NFT offerings
The company plans to back the extremely rare Funko NFTs with physical redeemable Funko Pop!s to make them even more unique. The general Funko NFTs will reportedly be more accessible to fans through a really attainable entry price. The products are expected to be sold on the WAX platform or Worldwide Asset Exchange which is a leading decentralized wallet that exists on the blockchain.
Mariotti explained the clear strategy of capitalizing on NFTs as well as the company's licensing partners which include generating revenue every time that a token is being sold on the secondary market. For their promotions, Mariotti noted that they might be giving away free NFTs and that every card will be a truly interactive experience.
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The TokenWave co-founder known as Nate Denning recently noted that the small company is very excited to apply its own expertise and technology towards Funko's entry into the whole NFT space. Denning said that the huge catalog that Funko already has will allow them to create some pretty amazing NFTs for the millions of different Funko fans around the world.
It was also noted that the TokenHead app will then be showcasing NFTs and directly engage with Funko fans in what they noted as a "brand new way." The whole move towards digital content offerings comes only a few weeks after the company announced really strong Q4 earnings. The net sales have reportedly jumped by 6% year over year to a whopping $226.5 million. In the US, sales went up 18% to $171 million!
The company reportedly employs 500 people worldwide but had to cut around 250 employees last summer due to the major shift directly into direct-to-consumer sales in order to meet online demands of shoppers during the whole pandemic. It currently operates different physical retail locations in its headquarters in Hollywood, Calif.
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Written by Urian Buenconsejo