Funko Big Boy NFTs Dropping Aug. 31: What Investors And Collectors Should Know

An iconic restaurant chain gets the NFT treatment later this month thanks to a partnership with Funko Inc FNKO.

What Happened: Funko announced that Big Boy will be the feature of its second non-fungible token launch. The 85-year-old restaurant’s famous Big Boy mascot was featured as the first Funko to be sold in stores years ago.

Funko Digital Pop! NFTs featuring Big Boy will be released at 2 p.m. ET on Aug. 31.

The series will feature the following rarities with % odds in parenthesis:

• Common (46.3%)
• Uncommon (30%)
• Rare (16%)
• Epic (6%)
• Legendary (1%)
• Grail (0.67%)

The Legendary and Grail NFTs will come with a physical redemption for a Funko Pop that can only be obtained through the NFT packs.

“Instead of always being a step behind, this is us staying current with the times — to be the very first restaurant with its own collection of NFTs,” Big Boy Marketing Manager Patrick Blake told Crain’s Detroit. “It’s something that we’re going to be able to get out there to a younger demographic.”

Standard packs will be offered for $9.99 and obtain 5 cards and Premium packs will be offered for $29.99 and contain 15 cards. Funko will offer 15,000 standard packs and 5,000 premium packs, less than it did in the previous NFT drop.

Related Link: Is Funko The Next Big NFT Winner?

Why It’s Important: On its second-quarter earnings call, Funko said it sold out of its previous NFT series in under 15 minutes. A total of 20,000 standard and 10,000 premium Teenage Mutant Ninja Turtle Funko packs were released.

Funko said more than 45,000 fans were in the digital queue to try and buy packs in the first NFT launch.

Unopened packs of the Teenage Mutant Ninja Turtles are currently listed for $56.12 for a standard and $157.18 for a premium on the Wax trading platform. The packs were offered at $9.99 and $29.99 respectively on launch.

Big Boy expects the NFTs to sell out within hours of launching, Blake told Crain’s. Big Boy and Funko share in the proceeds from the NFTs but Blake did not share what percent each company got.

With a large number of licensing partners and a strong customer base, Funko could be one of the long-term winners of the trend of NFT collectibles. Right now, the company is on pace for one NFT drop a month, but that rate could accelerate given the strong sales and demand.

Funko reported second-quarter revenue of $236.1 million, up 141% year-over-year. The company reported strength in all geographic regions with the U.S. and Europe regions both surpassing 2019 pre-COVID-19 pandemic results.

Funko is targeting full-year revenue of $900 million to $930 million.

FNKO Price Action: Funko shares are up 1.26% to $17.66 on Friday.

Disclosure: Author is long shares of FNKO

Image courtesy of Funko