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Home / Business / Funko’s share price soared after toy manufacturers reached a deal to enter the NFT market

Funko’s share price soared after toy manufacturers reached a deal to enter the NFT market



Merch Awakens: “Star Wars” before the movie’s release. Funko Pop Star Wars action figures are on the shelves of Meltdown Comics and Collectibles in Los Angeles on October 30, 2015.

Robyn Beck | AFP | Getty Images

The pop culture collector said that Funko’s stock soared by more than 1

2% in premarket trading on Thursday, and the company said it had acquired a majority stake in TokenWave and put it into the NFT market.

TokenWave is located behind the TokenHead app and website, which tracks the holdings of irreplaceable tokens or NFTs.

Financial terms of the transaction were not disclosed.

Funko is known for its dolls with oversized heads, and it said it plans to launch its own NFT product in June. It said that a new product will be launched every week, starting at $9.99.

Funko CEO said: “Our strategy in this area is clear-to bring value-added NFT opportunities to our authorized partners to take advantage of our extensive existing pop culture content, including TV, movies, sports, music, Anime, video games and comic books.” Brian Mariotti said in a statement.

Funko’s market value is 959.4 million U.S. dollars. As of Wednesday’s close, the company’s shares have risen nearly 414% in the past 12 months.

Find Funko’s full press release here.


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