Non-fungible tokens aim to bring collectibles into the digital realm, and Funko can’t wait to get hold of them while they can. The company has purchased control of NFT’s startup TokenWave with the aim of combining Funko Pop vinyl figures with digital tokens using the Wax platform. Funko plans to offer an NFT each week starting at $ 10, and will pair the more “rare” 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 some hype.
The first wave of NFT is expected to arrive in June.
Funko’s choice of platforms might not please some. Wax (also used by Topps) uses a delegated proof of stake blockchain system that is faster 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 about the choice of technology, it could be a big step in bringing NFTs closer to the mainstream. A lot of people may be new to NFTs, but a link to Funko Pop characters could both make the tokens desirable and help illustrate their potential value (or lack thereof, depending on your perspective) to a wider audience. Don’t be surprised if other collectible giants follow suit.