The NFT stocks frenzy continues. Toy manufacturer Funko (NASDAQ:FNKO) is the latest stock to get caught up in the mania surrounding non-fungible tokens. Accordingly, investors in FNKO stock have booked a paper gain of roughly 20% today on these expectations.
Let’s dive into what’s going on with this collectibles company.
FNKO Stock a Perfect Fit for the NFT Mania
Funko’s core business closely aligns with what non-fungible tokens are all about. The company produces limited-edition figurines, using a range of licensing agreements to produce popular toys. Its Funko Pop! line has been quite a hit among enthusiasts. Accordingly, the company’s stock price was already on the incline prior to today’s speculation.
What exactly does the speculation pertain to? Well, social media buzz and various speculative reports seem to be doing the trick.
Yesterday, a report from Toy News International highlighted the potential for Funko to expand into NFTs. The report highlighted the following comments from the company’s CEO, Brian Mariotti:
Of course, these comments sound very reassuring to those betting on a new wave of investment in NFTs. The fact that the company already focuses on making its products extremely rare and exclusive aligns well with the NFT market.
Accordingly, investors willing to speculate appear to be jumping aboard FNKO stock right now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.