Funko shares soar after toymaker strikes deal to enter NFT market

The Merch Awakens: ‘Critical particular person Wars’ blitz sooner than movie opens’ Funko Pop Critical particular person Wars high-tail figures line the cupboards at Meltdown Comics and Collectibles in Los Angeles on October 30, 2015.

Robyn Beck | AFP | Getty Pictures

Shares of Funko surged better than 12% in premarket procuring and selling Thursday after the pop culture collectible maker said it obtained a majority stake in TokenWave, inserting it into the NFT market.

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

Financial terms of the deal weren’t disclosed.

Funko, known for its dolls with outsized heads, said it plans to delivery its own NFT offerings in June. A brand original one will more than seemingly be launched each week, starting at $9.99, it said.

“Our strategy on this dwelling is definite — bring the cost-added NFT replacement to our licensing companions to leverage our substantial vary of new pop culture yelp all the contrivance in which thru television, motion photos, sports activities, music, anime, video games and comedian books,” Funko CEO Brian Mariotti said in an announcement.

Funko has a market cap of $959.4 million. Its stock is up more nearly 414% over the past 12 months, as of Wednesday’s market close.

Uncover the pudgy press release from Funko right here.