Funko shares soar after toymaker strikes deal to enter NFT market

The Merch Awakens: ‘Star Wars’ blitz earlier than movie opens’ Funko Pop Star Wars motion figures line the cabinets at Meltdown Comics and Collectibles in Los Angeles on October 30, 2015.

Robyn Beck | AFP | Getty Images

Shares of Funko surged greater than 12% in premarket buying and selling Thursday after the popular culture collectible maker stated it acquired a majority stake in TokenWave, placing it into the NFT market.

TokenWave is behind the TokenHead app and web site, which tracks nonfungible token, or NFT, holdings.

Financial phrases of the deal weren’t disclosed.

Funko, recognized for its dolls with outsized heads, stated it plans to launch its personal NFT choices in June. A brand new one will likely be launched every week, beginning at $9.99, it stated.

“Our strategy in this space is clear — bring the value-added NFT opportunity to our licensing partners to leverage our broad range of existing pop culture content across television, movies, sports, music, anime, video games and comic books,” Funko CEO Brian Mariotti stated in an announcement.

Funko has a market cap of $959.four million. Its inventory is up extra practically 414% over the previous 12 months, as of Wednesday’s market shut.

Find the complete press launch from Funko right here.

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