On July 29, the pop-culture consumer products firm, Funko, announced that the company has partnered with the multinational mass media and entertainment corporation Paramount Global. The two corporations plan to introduce a series of non-fungible tokens (NFTs) based on the Avatar Legends universe. The latest Avatar Legends Digital Pop release from Funko will drop on August 9, 2022, via the NFT platform Droppp.
Avatar Legends NFTs – Publicly Traded Consumer Products Company Funko Collaborates with Paramount
Funko (Nasdaq: FNKO) announced that the company has partnered with entertainment company Paramount (Nasdaq: PARA) and plans to release a new collection of NFTs based on the Avatar Legends universe. The Avatar Legends franchise originated from the popular Nickelodeon-based animated television series Avatar. — “The Last Airbender” and “The Legend of Korra”.
The upcoming Funko and Paramount Digital Pop NFTs will feature popular characters like Kuruk, Painted Lady, and Fire Nation Aang. “Avatar Legends x Funko Series 1 Digital Pop! coming soon to Droppp,” Funko tweeted on Friday. The NFTs will feature Funko’s unique bobble-head, pop art style and the Avatar Legends’ standard pack of NFTs will be $9.99 per pack.
Premium packs will cost $29.99 per unit and Funko says there will be a total of 625,000 NFTs in the Avatar Legends Digital Pop series. “Each pack of Digital Pop! gives you a chance to reveal one of the rare Funko Digital Pop! once opened, which can then be redeemed for a free limited-edition collectible physical vinyl,” details Funko’s Avatar Legends announcement.
The Avatar Legends NFTs follow Funko’s recent launch of Jay and Silent Bob Digital Pop NFTs. In addition to the Jay and Silent Bob and Avatar Legends NFTs, Funko also released Digital Pop NFTs from brands such as Warner Bros., Hanna Barbera, My Little Pony, Kellogs, Transformers, Bob Ross, Star Trek, DC Comics, and Iron Maiden.
Meanwhile, NFT sales have been sluggish over the past few weeks, and the past seven days of NFT sales are down 25.26% from the previous week. Interest in NFTs has plateaued as data from Google Trends indicates that global searches for the term “NFT” have fallen from a peak score of 100 in late January to a current score of 16.
Funko Digital Pop NFTs are issued on the Wax blockchain which saw $379K in sales during the past seven days, according to cryptoslam.io’s weekly stats. The average Wax blockchain sale during the month of June was $6.46 per NFT, and in July the average was $4.63. Cryptoslam.io metrics show Wax is the ninth largest blockchain in terms of NFT sales among 17 networks.
Dappradar.com statistics further show that Wax Atomicmarket non-fungible token market is the tenth largest NFT market by sales of all time. On August 9, Funko’s non-fungible tokens will be distributed through the NFT Droppp platform. A few days ago, Paramount’s PARA shares were downgraded by Goldman Sachs, while FNKO shares were on a tear.
Funko’s shares have been doing well because the company has seen “solid demand across product categories,” according to a zacks.com report published on Friday. Funko recently acquired the collectible brand and limited edition screen printed poster producer Mondo in June. The consumer products firm Funko’s quarterly earnings are expected to be released soon.
