Funko's NFTs will be delayed for months
Toy and collectible company Funko Inc. had planned to launch its NFTs in June, but that plan has been put off for months, according to a note from D.A. Davidson. Analysts there met with Funko executives who say lawyers are still working on licensing agreements. "NFTs are new for both licensors and licensees, and it is taking time to work through the details. Licensees like Funko do have to secure additional rights for digital collectible products," the note said. Funko announced in April that it would make affordable NFTs available. Still, D.A. Davidson rates Funko stock buy with a $31 price target. The company sees growth opportunities in sports, anime and other areas with plans to launch a new line during the holidays; it's expanding into games; and building a direct-to-consumer business. Funko is known for its dolls with oversized heads based on popular entertainment characters. Funko stock has more than doubled, up 122.1% for the year to date, while the benchmark S&P 500 index has gained 13.8% for the period.
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