In the latest release of the digital Funko Pop collection, 62,000 NFTs were presented, which more than the usual quantity is 42,000. Recently, Funko, a well-known manufacturer of physical and digital collectibles, released a new set of NFTs dedicated to Harry Potter.
Despite the high appreciation for the uniqueness and appeal of the physical figurines that could be exchanged for Harry Potter Funko Pop NFTs, the company was unable to sell the entire edition without losses. According to a representative of the company named Nikki, out of the 62,000 packs, 13,538 standard packs and 4,822 premium packs remained unsold, totaling 18,360. It is estimated that around 29.4% of the collection remained unsold and was destroyed in accordance with Funko's tradition of disposing of unsold NFTs.
Experienced Funko NFT collectors, such as the team from the Gastlecast YouTube channel, suggest that when assessing losses, the type of packs should be taken into account since standard and premium packs contained a different number of NFTs. Standard packs had five items, while premium packs had seventeen instead of the usual fifteen. Taking this difference into consideration, the overall losses amounted to 21.76%, which is lower than the initial calculations. This statistic has sparked a lot of discussion within the collector community, and it is still unclear whether the release can be considered successful.
Some collectors, including the Gastlecast team, view the results as an indication of a negative trend in Funko's position in the market. A recent project dedicated to the Squid Game also received a negative reaction in the NFT community. Despite the popularity of the TV show and Funko and Droppp's efforts to improve the user experience, the results were disappointing, with 53% of NFTs going unsold.
Collectors also faced issues with delivery and the quality of physical figurines that could be exchanged for exclusive digital collectibles. Despite Funko's compensation plan, many collectors were dissatisfied with the low value of the exclusive figurines and their design.
However, there were also positive reviews of the release. For example, a user named Living Aloha noted that the sales of Funko's Harry Potter NFTs exceeded VeVe's entire revenue for January 2024. This indicates that digital Harry Potter Funko Pops attracted more attention than some of the company's previous collections.
Overall, despite the high burn rate, the total number of unsold Funko Pops Harry Potter was relatively small compared to the burnt NFT games like Squid Game, which may suggest relative success for the release rather than a complete failure.
