Funko to launch NFTs after taking majority stake in TokenWave

Nasdaq-listed maker of collectible vinyl figurines Funko has acquired a majority stake in TokenWave, a developer of a platform for showcasing and tracking non-fungible tokens (NFTs).

Funko representatives said the partnership would accelerate the company’s entry into the NFT space and enable the inclusion of digital assets in its product line. Terms of the deal were not disclosed.

The American maker announced the release of its first non-fungible tokens in June. The starting price will be $9.99, the press release.

On the news of the partnership with TokenWave, Funko’s shares rose toward year-to-date highs.

Earlier, Tron founder Justin Sun created a fund JUST NFT Fund for artists and artworks in the form of non-fungible tokens worth over $1 million.

As a reminder, SEC Commissioner Hester Peirce warned that the sale of fragmented NFTs and their index baskets may violate the law.