I didn't like the idea of the NFTs but recently I have changed my mind. The process is simple, when they have a drop you purchase the packs like you would anything else, with a credit card.., then open your packs, see what you get.. Then what I do is sell the cards I do not want, to sell them is very easy, and my cards always sell out., The money you get from selling the cards goes into your wallet on the site, then in turn you can use that money to buy the redeemables you want. I have never had to add money or crypto to my account, I just use my balance from selling my non wanted cards. It really isn't that complicated, and the price for the redeemables is always lower than when they hit ebay. Like the samurai jack figure, right now on the site is being sold for $11. On the site the price range from $6-$40 for 95% of the pops. Another example is the GITD batman and the rest of that line all were selling for around $20, except Robin was going for $40, I personally have 11 pops from that line coming my way.
The problem with so many Art NFT's is they hold no value, if you buy a painting you are buying more than just the art, you are buying the smell, the feel etc etc that the paint, the canvas etc bring. And even when you get to physical but digitally produced art or as is relevant for Funko collectable cards even though they can be churned out in massive amounts the physical element means the only way to get that card is buy it because even if you could get a copy of the original file or a photo you can use to make a copy you would never get the same paper/card stock or the same ink so its never exact. With Art NFT's anyone can save an exact copy , the only thing you lose is the block chain entry but that doesn't really give it any value. So many people have effectively run a scam of selling mass produced and cheap artwork cashing in on the buzz of NFT's without really understanding where they value is in NFT. The value in NFT's isn't in the product itself but rather in the utility it brings and most haven't really thought about long term utility which has eroded trust and actually made it tougher even for NFT based products where there is real utility. Funko puts on this charade that there is utility with there's and thats the redeemable but its so short term that it adds nothing. Unless you get a redeemable the cards you buy are generally going to be worth a fraction of what you paid for the pack and once the redeem window closes they will tank further as no-one actually wants to collect the cards, certainly not at the price point that is the initial purchase price. There are simple things they could have done, for example they could have a draw every month or two where they will randomly draw an NFT line (or multiple) so for example maybe Turtles Season 1 and then from the cards in that line they will randomly pick a certain number of NFT's at random from all scarcities and and if its your card thats picked you get dropped a redemption token which you can redeem for a physical you can only get by being selected. That would give every card more value as you never know what card will be picked so people will want to keep hold of them and if people want to pick them up they will have more value so you will see more trading at better values. And thats good for Funko as Funko get a cut of all sales. There are also other things they could do that are even simpler and could be done instead or alongside the special redeemables. They have raffles for things like Fundays or SDCC queues, sales etc etc. Keep some of these aside for NFT holders and do a raffle there, the more NFT's you own the greater chance of being selected. With Funko Fusion you could even have draws where your NFT might unlock you a special Character or DLC Another option is obviously you build a game around the the NFT's. One of the reasons things like Pokemon took off isn't just because the cards are collectable, it because its also a game. Build a online game around the NFT's, it doesn't need to be a proper game like Funko Fusion, just a casual game you play in a browser or in a phone app where all NFT holders are using their cards to play against each other. They just have't understood that NFT's need utility or they have and have chosen to instead go down the more scam like route of not caring about the value plummeting as long as the redeemables make them lost of money on the initial sales as people go chasing the redeemables
I feel like all collecting is a gamble, especially when it comes to limited items or chase figures. the money and time spent hunting IRL or online. The NFT idea doesn't bother me much. I only participate in genres that I like. Transformers and Universal Horror are the only ones I've gone for so far.
Also, please do share other collectibles you encounter that look interesting to you! I’d like to diversify my collection. Right now, I’m motivated to start collecting anime statues but they do require more space and money that pops do
I think the website for dropp is inconvenient I went for the cartoon Network drop with jack and ashi. It was stressful trying to check out in time luckily I could just use my normal card . Reselling or buying from dropp is through a crypto wallet which I didn't set up cause it felt invasive. For some characters I'm fine with them being nfts but certain characters like Eustace don't have any other representation not just in Funko but in merch as a whole. I also bought the DND displacer beast for a decent price
I agree that it can be a difficult process to do but i don't totally disagree with this system. I'm sure it helps Funko financially, but changes can be made. I would like them to be more open about what happens when they burn the remaining packages and the true number out there.
I don’t agree with those that mention they don’t like how it can be more difficult to get NFT pops. It’s exactly what this type of release is about. Yes, you have to buy a pack. Yes, there is only a slim chance you’ll pull the redeemables. Yes, you have to make an account to buy the other cards. I understand it’s not as easy as clicking “add to cart” and Pay”. However, these are advertised as Limited Pieces. Funko has to make their money, so they implemented a system where both consumers and companies can make money. The USA isn’t called the land of opportunity for nothing. I didn’t understand at first, watched some videos, participated and I was good to go! The more difficult the journey, the sweeter the reward.
I believe they call that gambling. And I dunno bout you but ain't no funko pop worth gambling for when I could instead go for money Also funko pops pertain to young collectors and children just as much as adults which makes this practice even more predatory.
Never liked the comcept of NFTs so dont participate in these but if someone wants to collect them go for it. I like seeing the designs and can admire without owning them.
The thing is though people aren't really collecting the NFT's hence why the NFT's basically have no value once the redemption period is over. They treat the NFT's themselves as an afterthought, its a way to get the average earned per pop shipped up and haven't thought about how to give utility to the NFT's themselves so they have a reason to be collected and to hold some value. There should be enough long term demand for the NFT's that the average pack is worth around what the pack went for after the redemption window closes but you are lucky if its worth a 20th
There isn't a problem with no being guaranteed a redeemable, the problem is they treat the NFT's themselves as an after thought so you have something thats largely useless and doesn't maintain roughly the purchase price. They treat the NFT's like a lottery ticket rather than the NFT carrying a worth and the redeemable being an added extra if you are lucky. If an average pack containing no redeemable was worth around the same amount as you paid for the pack because they had made sure there was something that gave the NFT's long term worth then it wouldn't matter if you didn't get a redeemable, you would have cards with a monetary worth and to give it that monetary worth it would have utility that is desirable. An Average pack of Pokemon cards is worth its retail price and you get the ability to play a game with it so even if you don't pull a grail you don't feel you have lost out
I feel like all collecting is a gamble, especially when it comes to limited items or chase figures. the money and time spent hunting IRL or online. The NFT idea doesn't bother me much. I only participate in genres that I like. Transformers and Universal Horror are the only ones I've gone for so far.
Frankyn, Another well thought out video.
I didn't like the idea of the NFTs but recently I have changed my mind. The process is simple, when they have a drop you purchase the packs like you would anything else, with a credit card.., then open your packs, see what you get.. Then what I do is sell the cards I do not want, to sell them is very easy, and my cards always sell out., The money you get from selling the cards goes into your wallet on the site, then in turn you can use that money to buy the redeemables you want. I have never had to add money or crypto to my account, I just use my balance from selling my non wanted cards. It really isn't that complicated, and the price for the redeemables is always lower than when they hit ebay. Like the samurai jack figure, right now on the site is being sold for $11. On the site the price range from $6-$40 for 95% of the pops. Another example is the GITD batman and the rest of that line all were selling for around $20, except Robin was going for $40, I personally have 11 pops from that line coming my way.
The problem with so many Art NFT's is they hold no value, if you buy a painting you are buying more than just the art, you are buying the smell, the feel etc etc that the paint, the canvas etc bring. And even when you get to physical but digitally produced art or as is relevant for Funko collectable cards even though they can be churned out in massive amounts the physical element means the only way to get that card is buy it because even if you could get a copy of the original file or a photo you can use to make a copy you would never get the same paper/card stock or the same ink so its never exact. With Art NFT's anyone can save an exact copy , the only thing you lose is the block chain entry but that doesn't really give it any value. So many people have effectively run a scam of selling mass produced and cheap artwork cashing in on the buzz of NFT's without really understanding where they value is in NFT.
The value in NFT's isn't in the product itself but rather in the utility it brings and most haven't really thought about long term utility which has eroded trust and actually made it tougher even for NFT based products where there is real utility. Funko puts on this charade that there is utility with there's and thats the redeemable but its so short term that it adds nothing. Unless you get a redeemable the cards you buy are generally going to be worth a fraction of what you paid for the pack and once the redeem window closes they will tank further as no-one actually wants to collect the cards, certainly not at the price point that is the initial purchase price.
There are simple things they could have done, for example they could have a draw every month or two where they will randomly draw an NFT line (or multiple) so for example maybe Turtles Season 1 and then from the cards in that line they will randomly pick a certain number of NFT's at random from all scarcities and and if its your card thats picked you get dropped a redemption token which you can redeem for a physical you can only get by being selected. That would give every card more value as you never know what card will be picked so people will want to keep hold of them and if people want to pick them up they will have more value so you will see more trading at better values. And thats good for Funko as Funko get a cut of all sales.
There are also other things they could do that are even simpler and could be done instead or alongside the special redeemables. They have raffles for things like Fundays or SDCC queues, sales etc etc. Keep some of these aside for NFT holders and do a raffle there, the more NFT's you own the greater chance of being selected. With Funko Fusion you could even have draws where your NFT might unlock you a special Character or DLC
Another option is obviously you build a game around the the NFT's. One of the reasons things like Pokemon took off isn't just because the cards are collectable, it because its also a game. Build a online game around the NFT's, it doesn't need to be a proper game like Funko Fusion, just a casual game you play in a browser or in a phone app where all NFT holders are using their cards to play against each other.
They just have't understood that NFT's need utility or they have and have chosen to instead go down the more scam like route of not caring about the value plummeting as long as the redeemables make them lost of money on the initial sales as people go chasing the redeemables
I agree, it's nuts funko has never put out a how to video on nfts.
I feel like all collecting is a gamble, especially when it comes to limited items or chase figures. the money and time spent hunting IRL or online. The NFT idea doesn't bother me much. I only participate in genres that I like. Transformers and Universal Horror are the only ones I've gone for so far.
This was cool content. I love nfts so I’ll just say that lol
Also, please do share other collectibles you encounter that look interesting to you! I’d like to diversify my collection. Right now, I’m motivated to start collecting anime statues but they do require more space and money that pops do
I think the website for dropp is inconvenient I went for the cartoon Network drop with jack and ashi. It was stressful trying to check out in time luckily I could just use my normal card . Reselling or buying from dropp is through a crypto wallet which I didn't set up cause it felt invasive. For some characters I'm fine with them being nfts but certain characters like Eustace don't have any other representation not just in Funko but in merch as a whole. I also bought the DND displacer beast for a decent price
I agree that it can be a difficult process to do but i don't totally disagree with this system. I'm sure it helps Funko financially, but changes can be made. I would like them to be more open about what happens when they burn the remaining packages and the true number out there.
I don’t agree with those that mention they don’t like how it can be more difficult to get NFT pops. It’s exactly what this type of release is about. Yes, you have to buy a pack. Yes, there is only a slim chance you’ll pull the redeemables. Yes, you have to make an account to buy the other cards. I understand it’s not as easy as clicking “add to cart” and Pay”. However, these are advertised as Limited Pieces. Funko has to make their money, so they implemented a system where both consumers and companies can make money. The USA isn’t called the land of opportunity for nothing. I didn’t understand at first, watched some videos, participated and I was good to go! The more difficult the journey, the sweeter the reward.
I believe they call that gambling. And I dunno bout you but ain't no funko pop worth gambling for when I could instead go for money
Also funko pops pertain to young collectors and children just as much as adults which makes this practice even more predatory.
I was very sad not to be able to get the NFT physical Pops for Harry Potter Goblet of Fire Triwizard Tournament 2nd task. They were cool.
Never liked the comcept of NFTs so dont participate in these but if someone wants to collect them go for it. I like seeing the designs and can admire without owning them.
The thing is though people aren't really collecting the NFT's hence why the NFT's basically have no value once the redemption period is over. They treat the NFT's themselves as an afterthought, its a way to get the average earned per pop shipped up and haven't thought about how to give utility to the NFT's themselves so they have a reason to be collected and to hold some value. There should be enough long term demand for the NFT's that the average pack is worth around what the pack went for after the redemption window closes but you are lucky if its worth a 20th
I do not like the NFT concept at all; I believe my hard earned cash should go towards a sure thing.
There isn't a problem with no being guaranteed a redeemable, the problem is they treat the NFT's themselves as an after thought so you have something thats largely useless and doesn't maintain roughly the purchase price. They treat the NFT's like a lottery ticket rather than the NFT carrying a worth and the redeemable being an added extra if you are lucky. If an average pack containing no redeemable was worth around the same amount as you paid for the pack because they had made sure there was something that gave the NFT's long term worth then it wouldn't matter if you didn't get a redeemable, you would have cards with a monetary worth and to give it that monetary worth it would have utility that is desirable. An Average pack of Pokemon cards is worth its retail price and you get the ability to play a game with it so even if you don't pull a grail you don't feel you have lost out
I feel like all collecting is a gamble, especially when it comes to limited items or chase figures. the money and time spent hunting IRL or online. The NFT idea doesn't bother me much. I only participate in genres that I like. Transformers and Universal Horror are the only ones I've gone for so far.