Yesterday, the NFT community and all fans of Funko, Disney, and Mickey Mouse, in particular, had a chance to participate in one of the most recent WAX NFT drops organized by the legendary toy company. Today, the drop is already over, but it turns out that a significant portion of NFTs remained unsold.
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According to the latest video from the YouTube channel Gastlecast, created by avid collectors, approximately 44% of packages did not find their owners during the official drop. Gastlecast states that Funko decided to extend the drop for one more hour to ensure some collectors still have a chance to get their NFTs. Reportedly, at that moment, not even all Standard packages, distributed for a lower price, were sold out, which is not typical for Funko NFTs.
As per Gastlecast, Funko is supposed to burn the remaining NFTs. However, this time, the message from Droppp’s representative Nicci stated that "any remaining, unsold packs will be removed from circulation."
This message raised concerns among some collectors who speculated about the possibility of NFTs not being burnt but, instead, transferred to other addresses. However, there was an update from Nicci stating that "the unsold packs from Disney’s Mickey and Friends: Funko Digital Pop! Series 1 sale have been burned." The precise statistics from Nicci report the burn of 5,811 Standard Packs and 13,013 Premium Packs.
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Meanwhile, some members of Gastlecast’s audience believe the actual number of NFTs that were supposed to be removed from circulation was even greater, as proper calculation requires "bringing all packages to the Standard format." This results in the number of lost NFTs comprising 52.76% of the supply.
The Standard five-item NFT Packs were initially priced at $9.99, and a fifteen-item Premium Pack was offered for $29.99. However, at the time of publication, the prices have already increased to 11.84 USDC and 35.73 USDC, respectively. Each type had 21,250 packs available for purchase.
The Funko NFTs showcase animated images of iconic characters like Goofy, Daisy Duck, Donald Duck, Pluto, Pete, and the ever-charming Minnie Mouse. The company also prepared six types of physical collectibles, including the Royalty Mickey Mouse, Legendary Pete, Legendary Goofy, Legendary Donald Duck, Legendary Daisy Duck, and Grail Minnie Mouse.
Several factors could be influencing the low interest in Funko’s NFTs, including their high prices and issues related to the exclusive physical figurines provided for holders of certain sets of NFTs. Unfortunately, many collectors complained about the "boring" appearance of physical collectibles, which, in certain cases, resembled regular Funko Pops, diminishing the exclusivity and uniqueness of these hard-to-obtain items.
"For me, these NFT pops are meaningless if they look like every other common Disney Pop. Just another example of oversaturation and proving that piece counts don’t always mean value," YouTube user Elikennedy6934 voiced a popular opinion about Funko’s WAX NFT drops.
"If they hadn’t made pops you can find at stores like they did with the Power Rangers and House of Dragons, I’m sure more people would participate, but they went and did that stupid thing, and I’m sure it caused damage to the NFT market," added X user Susu, expressing a common sentiment about the Funko NFTs. "Also, this line has pops for days as is."
Some collectors also found the most recent Funko NFTs to be targeting the children’s audience.
