Funko getting into NFT action with weekly offerings starting in June foxbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foxbusiness.com Daily Mail and Mail on Sunday newspapers.
Funko reveals NFT plans but not everyone is happy
Chris Davies - Apr 1, 2021, 9:41am CDT
Funko, makers of ridiculously popular pop culture toys, is wading into the NFT market, with plans to launch its first non-fungible tokens in June. Though NFTs have been controversial, not least for their focus on digital ownership rather than physical collecting, Funko argues that its strategy will combine both more affordable tokens with the vinyl toys it’s known for.
If you’ve managed to ignore non-fungible tokens until now, bad news: it’s looking like they’re not going away any time soon. Basically built on the same sort of unique digital asset technology that underpins bitcoin and other cryptocurrency, NTFs effectively represent digital files associated with art and other items, that only one person can own at a time.
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What happened
Shares of
Funko (NASDAQ:FNKO) were surging today after the toy maker said it acquired a majority stake in non-fungible token (NFT) business TokenHead.
The consumer products stock was up 24.6% as of 10:16 a.m. EDT on the news.
Image source: Funko.
So what
In a press release this morning, Funko said it had acquired a majority stake in the maker of TokenWave, a leading mobile app and website for showcasing and tracking NFTs. TokenHead currently displays more than 10 million of the blockchain-based tokens and receives more than 100,000 daily visits on its sites.
Funko : Enters NFT Market with Majority Stake in TokenHead Developer marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.