So what the Hell’s an NFT?
The buzzworthy acronym has been everywhere of late, and the simple answer is that it’s a non-fungible token (NFT) which means it’s a unique digital asset that’s held in a digital ledger on the blockchain. Total nonsense that still doesn’t mean anything to you? We get it, but NFTs are big business and they’re raking in millions right now and Freddy Funko wants in on the action.
Three weeks ago, Funko CEO Brian Mariotti explained to Yahoo! Finance that the maker of toys and collectibles had a “plan in place” to completely “disrupt this space in a way that no one else is doing right now.” Now that plan has been revealed: Funko just acquired a majority stake in TokenWave, the company behind TokenHead, a mobile app and website for showcasing and tracking NFT holdings. If you’re still unclear about the whole NFT situation, this Saturday Night Live (SNL) sketch is probably the best explainer that exists. And, Pete Davidson does a pretty solid Eminem.
“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.”