Funko shares skyrocket after Toymaker hits deal to enter NFT market

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Funko shares skyrocket after Toymaker hits deal to enter NFT market


The Merch Awakens: Blitz ‘Star Wars’ before the opening of the film’ Funko Pop Star Wars action figures line the shelves at Meltdown Comics and Collectibles in Los Angeles on October 30, 2015.
Robyn Beck | AFP | Getty Images
Funko shares jumped more than 12% in pre-market trading on Thursday after the pop culture collectibles maker said it acquired a controlling stake in TokenWave, putting it on the NFT market.
TokenWave is behind the TokenHead app and website, which tracks holdings of non-fungible tokens, or NFTs.

Financial terms of the deal were not disclosed.

Funko, known for its dolls with oversized heads, announced plans to launch its own NFT offerings in June. A new one will be introduced every week, starting at $ 9.99, he said.

“Our strategy in this area is clear: to provide the value-added NFT opportunity to our licensing partners to leverage our wide range of existing pop culture content across TV, movies, sports, music, cartoons, video games and comics, ”Funko CEO Brian Mariotti said in a statement.

Funko has a market capitalization of $ 959.4 million. Its stock has risen more than 414% in the past 12 months, as of the market close on Wednesday.

Find Funko’s full press release here.

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