Soon after a massive burn of over half of the NFTs featuring characters from the Squid Game show, the legendary toy company shifted its focus to a series of films that have been among the favorite titles of millions of viewers worldwide for the past several decades.
"Wands at the ready, you do not want to miss out on this collection," the official Funko website says, inviting collectors to participate in the WAX NFT drop scheduled for January 23. The drop begins at 11 AM PT.
To secure your chance of obtaining exclusive packs, join the queue a few minutes before the sale starts. Your place in line will be randomly assigned, so be prompt. After the initial pack sale, explore the diverse offerings on the Droppp Marketplace, where you can shop for more packs.
Similar to the previous Funko NFT drop dedicated to Squid Game, the Harry Potter Funko Pop NFT Premium Packs, now valued at $29.99, contain seventeen items instead of fifteen. Standard Packs, priced at $9.99 each, still include five NFTs.
Interestingly, unlike previous Funko NFT collections, including the Squid Game series with 42,000 packs, the Harry Potter Funko Pop NFT series will be expanded. This time, Funko has decided to provide 31,250 Standard Packs and an equal amount of Premium Packs, totaling 62,500 packs. This unexpected decision comes amid the recent drop in the popularity of Funko NFT collections.
As mentioned earlier, the Squid Game Funko NFT drop experienced low interest from the collector's community despite the global success of the Netflix TV show. The unsold collectibles were estimated at a staggering 53%, marking the largest burn percentage in the Droppp and Funko NFT world to date.
This decline in interest is unfortunately part of a larger trend. Following the Squid Game NFT drop, Pop in Stock, the Funko Pop NFT news outlet, reported that only two out of the last eight drops have sold out. The issues extend beyond just the Squid Game collection, affecting various releases like Back to the Future, Jurassic Park, Steven Universe, The Powerpuff Girls, and Mickey and Friends, all witnessing significant percentages of unsold NFTs.
Many in the collectors' community attribute the poor performance of Funko Pop NFT drops to issues with shipping physical figurines and inadequate refunds in the cases of these challenges. The timing of releasing the Squid Game Funko NFT Pop collection was also mentioned by the community as one of the possible factors affecting the drop's success.
The physical figurines mentioned above are a traditional feature of all Funko Pop NFT collections. Each of them had an exclusively designed edition of physical collectibles, which can be acquired for collecting a Royalty, Legendary, or Grail Set of NFTs.
While the Squid Game Funko NFT collection has five physical figurines, the series of NFTs dedicated to Harry Potter has seven physical collectibles.
According to Droppp, the most widespread physical figurine would be Freddy Funko as Death Eater. The toy company plans to release 3,000 figurines of this type. At the same time, there will be five figurines of the Legendary type, including Viktor Krum with Shark Head, Merperson, Hungarian Horntail, Fleur Delacour with Bubble-Head Air Mask, and Cedric Diggory with Bubble-Head Air Mask. There will be 2,200 of each type of collectible.
Finally, Grail Harry Potter with Gills and Grindylow is supposed to be the rarest physical collectible in the set, with only 999 items available.
The release of such a series of physical figurines is Funko's initial plan. However, it reserves the right to change the actual products.
The redemption window for this collection is scheduled for 11 AM PT on May 22, 2024. Then, a snapshot of your inventory will be taken, and if you are eligible, you will receive a special Redemption Token which can be redeemed for the physical counterpart of your NFTs within thirty days. The redemption window will be closed on June 21, 2024, at 11:59:59 PM PT.