On July 29, pop culture consumer product company Funko announced that the company has partnered with multinational mass media and entertainment company Paramount Global. The two companies plan to introduce a series of non-fungible tokens (NFT) based on the Avatar Legends universe. The latest Avatar Legends Digital Pop release from Funko will be released on August 9, 2022, via the NFT platform Droppp.
Avatar Legends NFTs – Publicly traded consumer product company Funko partners with Paramount
Funko (Nasdaq: FNKO) has 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 originates from the popular Nickelodeon-based Avatar animated television series — “The Last Airbender” and “The Legend of Korra.”
The upcoming Funko and Paramount Digital Pop NFTs will feature popular characters such as 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 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 line. “Every pack of digital pop! gives you a chance to reveal one of the rare Funko Digital Pop! when opened, which can then be redeemed for a free limited edition physical vinyl collectible,” Funko’s Avatar Legends announcement details.
The Avatar Legends NFTs follow Funko’s recent launch of the Jay and Silent Bob Digital Pop NFT. 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 dismal over the past few weeks and the last seven days of NFT sales are down 25.26% lower than the previous week. Interest in NFTs has plateaued, as Google Trends data indicates that worldwide searches for the term “NFT” fell from an all-time high score of 100 in late January, to a current score of 16.
Funko Digital Pop NFTs issued on the Wax blockchain have sold $379K in the last seven days, according to cryptoslam.io’s weekly stats. Average Wax blockchain sales in the month of June were $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 non-fungible token marketplace Atomicmarket is the tenth largest NFT marketplace in terms of sales of all time. On August 9, Funko’s non-fungible tokens will be distributed via the NFT platform Droppp. A few days ago, Paramount’s PARA shares were downgraded by Goldman Sachs, while FNKO shares have broken down.
Funko’s stock has been doing well because the company has seen “solid demand across product categories,” according to a zacks.com report published Friday. Funko recently acquired collectibles brand and limited edition screen-printed poster maker Mondo in June. Consumer product company Funko’s quarterly results are expected to be released soon.
What do you think of Funko teaming up with Paramount Global to introduce Avatar Legends Digital Pop NFTs? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Funko, Paramount Global, Avatar Legends
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