Non-fungible tokens are all about taking collectibles to the digital realm, and Funko is eager to seize on that while it can. The company has bought control of the NFT startup TokenWave with an aim to combine Funko Pop vinyl figures with digital tokens using the Wax platform. Funko plans to offer an NFT each week starting at $10, and will mate the “rarest” tokens with exclusive Funko Pop figures. We wouldn’t expect prices to climb to the absurd levels of the first tweet or Nyan Cat, but Funko is clearly counting on a degree of hype.
The first wave of NFTs should arrive in June.
Funko’s choice of platforms might not thrill some. Wax (also used by Topps) is using a delegated-proof-of-stake blockchain system that’s quicker and more energy-efficient than the proof-of-work approach used with Bitcoin, and more democratic than regular proof-of-stake. However, it’s not as decentralized as proof-of-work and isn’t necessarily as secure.
Whatever you think of the choice of technology, this could be an important move that takes NFTs closer to the mainstream. Many people might be new to NFTs, but a link to Funko Pop figures could both make the tokens desirable and help illustrate their potential value (or lack of it, depending on your perspective) to a wider audience. Don’t be surprised if other collectible giants follow suit.