Shortly after announcing that they had acquired NFT display and tracking platform Tokenwave, in a flurry price action reminiscent of 2017, pop-culture collectibles giant Funko stock (NYSE:FNKO) got over 20%.
Funko and NFTs may be a perfect match, unlike many price-pumping announcements heavy on hype and sparse content from the last bull run.
A majority stake TokenWave has been acquired by the developers of the TokenHead NFT app built on the WAX blockchain. The aforementioned announcement wa made by Funko pops collectibles line on Thursday.
The company will be releasing digital collectibles at $9.99 price point beginning from June and also the release of the notes is their first entry into the NFT Market.
Additionally, the company has physical-and-digital hybrid products in the works, such as pairing the “rarest of the Funko NFTs with exclusive redeemable Funko Pop!s.” The company will also be leveraging its extensive licensing agreements — an increasingly important source of NFT platform traction.
The company’s stock rallied as high as $24.81 on the news on Thursday before retreating into the afternoon. FNKO stock closed at $20.96 per share, up 6.5% on the day and over 100% on the year.