(Pocket-lint) - Funko and its pop-culture collectibles are poised to enter the NFT market this summer.
The Washington-based toymaker has announced it is acquiring a majority stake in TokenWave, the developer behind the TokenHead mobile app for tracking non-fungible token (NFT) holdings. NFTs allow you to own verified, limited-edition digital assets - across art, sports, gaming, and a range of other interests - all built on the back of blockchain. You can buy, sell, or trade them on marketplaces.
TokenHead, available on iOS and Android, showcases more than 10 million NFTs. Funko’s investment in TokenHead is all about expanding the company’s platform to include digital assets. Funko's most well-known product, the Pop! figurines, features characters across a wide range of properties, from television to video games. Now, Funko aims to combine its vinyl figures with digital tokens.
“Our ability to combine Funko Pop! digital NFTs with exclusive Funko Pop! vinyl figures has the potential to be a gamechanger,” said Funko. “By backing the rarest of the Funko NFT’s with exclusive redeemable Funko Pop!s, we are poised to enter the NFT market in a very unique manner.”
The hope is Funko's huge plethora of figures will produce new experiences in the NFT world and for Funko fans worldwide. Its products will be sold on the Worldwide Asset Exchange (WAX) platform, a decentralised wallet on the blockchain that will provide verifiable authenticity.
Funko plans to launch its first NFTs in June 2021. A new property will debut each week with a starting price of $9.99.