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Pop culture collectible company Funko Inc (NASDAQ:FNKO) announced plans earlier this year to get into the non-fungible token market. Here are the details on the company’s first NFT launch.
What Happened: Funko will launch its first series of NFTs on Tuesday, Aug. 3. The company will sell packs of Funko Digital Pop! using the WAX Blockchain.
Packs will be offered at prices of $9.99 for a standard one with five Digital Pop! collectibles and $29.99 for a premium pack with 17 Digital Pop! collectibles. Purchases will be capped at $300 with users allowed to make more than one transaction.
Digital Pop! packs will range from common to grail in rarity. Buyers have the chance to reveal a rare which can be redeemed for a free physical Digital Pop! collectible.
The redeemable pops will have a redemption coin deposited into users' accounts 120 days after the drop.
Users can utilize their WAX account or a credit card to buy the packs.
A downloadable TokenHead app will be released on IOS and Google Play for customers to view their collection.
Related Link: Funko's Stock Pops On NFT Acquisition: What Investors Should Know
Why It’s Important: Funko is a well-known brand and has built a strong following. Offering exclusives in different retailers or exclusively on its website has led to strong partnerships and loyal customers. The NFTs could provide an additional source of revenue and introduce new fans to Funko.
Additional drops are planned by Funko and given their years of physical pop releases and strong brand partnerships could provide creations for years to come.
Topps, which is going public with Mudrick Capital Acquisition Corporation II (NASDAQ:MUDS), sold out its NFT packs on the WAX Blockchain in 70 minutes.
FNKO Price Action: Funko shares closed Monday up3.86% at $19.38.
Disclosure: The author is long shares FNKO.
Photo: Courtesy of Funko (of a Pop! character)
