Shares of Funko (FNKO) - Get Funko Inc. Report jumped premarket Thursday after the pop-culture consumer-products company entered the nonfungible-token market by acquiring a majority stake in TokenWave.
Terms weren't disclosed.
TokenWave develops TokenHead, a mobile app and website that showcases and tracks popular NFTs, which have become popular in recent months.
NFTs have taken off in recent months, as investors look for different asset classes amid record high stock prices.
"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 Chief Executive Brian Mariotti said in a statement.
Funko, Everett, Wash., expects to launch its initial NFT offerings in June, featuring a unique property each week at a starting price of $9.99.
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Funko says the investment accelerates its initial entry into the NFT market and will extend its pop-culture platform to include digital assets.
Products will be sold on the WAX platform, a decentralized wallet on the blockchain, which will verify the authenticity of NFTs purchased on Funko.
"Utilizing WAX Blockchain technology, we have the opportunity to eventually bring Funko collectible NFTs to our millions of fans around the globe," said Mariotti.
Funko shares at last check were up 12% to $22.10. A week ago the stock set a 52-week high $24.71. A year ago it set a 52-week low above $3.