Toy market news

Funko celebrates potential for NFT market with TokenHead acquisition

Funko is strengthening its position amid the global collectables scene by making a play for the NFT space through the acquisition of a majority ownership stake in TokenWave, the developer behind TokenHead.

TokenHead is recognised as a leading mobile app and website for showcasing and tracking Non-Fungible Token or NFT, a blockchain platform for digital collectables that has picked up steam among audiences and media over the course of the year.

The financial terms of the investment have not been disclosed, but the move has gone to highlight the potential the NFT space has for licensing, as Funko approaches the market with a ‘clear strategy for its pop culture content across TV, film, sports, music, anime, video games, and comic books.’

TokenHead is currently available on iOS and Android and displays over 10 million NFTs, with more than 100,000 visits per day.

The investment accelerates Funko’s initial entry into the NFT market and will extend the Company’s pop culture platform to include digital assets. Funko expects to launch its initial NFT offerings in June, featuring a unique property each week at a starting price point of $9.99.

Products will be sold on the WAX platform, the leading decentralized wallet on the blockchain, which provides verifiable authenticity for purchases of Funko NFTs.