Pokémon cards, a multi-billion dollar market, are moving onchain.Tokenization platforms offer 24/7 liquidity, instant resells, DeFi composability, and transparent provenance, transforming an inefficient market. Last month, these platforms saw $120M in trades.These are the top platforms gaining traction.👇~~ Analysis by @wmpeaster ~~@Courtyard_io, atop @0xPolygon for over two years, leads the tokenized card scene with its vaulted physically-backed NFTs approach. Pokémon cards dominate via its Vending Machine, ...

Labubu toys packaging are seen at a souvenir store in Krakow, Poland on August 21, 2025.Even Confucius is getting in on China's "blind box" craze.At the main temple in Beijing to China's greatest sage, the souvenir shops sell a range of "blind boxes," gifts packaged in such a way that buyers don't know exactly what variety of the item they're purchasing until after they commit.One popular blind box at the store is an ice cream treat with a blessing from Confucius. Worshippers pay $4.50 and, only after unwra ...

Financial Data and Key Metrics Changes - For Q2 2025, total net sales were $193.5 million, a 22% decline compared to the same quarter last year, primarily due to disruptions from U.S. tariff policies [8][9] - Gross profit was $62 million, resulting in a gross margin of 32.1%, down from 42% in Q2 of the previous year [9][10] - Adjusted net loss was $26.7 million or $0.48 per share, compared to adjusted net income of $5.6 million or $0.10 per diluted share in the prior year [10] - Negative adjusted EBITDA was $16.5 million, compared to adjusted EBITDA of $27.9 million in the same quarter last year [10][11] Business Line Data and Key Metrics Changes - Direct-to-consumer sales comprised 21% of gross sales, down from 23% in the same quarter last year [9] - The company experienced a significant decline in minimum guaranteed royalties due to sales disruptions and increased tariffs [10] Market Data and Key Metrics Changes - In the U.S. market, POS sales reported by larger wholesale customers were down just 5%, indicating resilience compared to the decline in year-over-year sell-in [13] - International business, representing over one-third of sales, saw 18% POS sales growth in the first half of the year and 28% growth in Q2 [13] Company Strategy and Development Direction - The company is focused on accelerating organic growth initiatives and exploring financial and strategic options, including a search for a new CEO [6][18] - A tariff mitigation plan has been implemented, including price increases in the U.S. market and shifting production out of China [14][15] - The company aims to fully offset the financial impact of incremental tariffs within the current year, with estimated costs reduced from $45 million to $40 million [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by U.S. trade policies but expressed confidence in a robust plan for improved financial performance in the second half of the year [7][12] - The company expects second half net sales to be down in the high single digits compared to 2024, with adjusted EBITDA margins projected in the mid to high single digits range [12][33] Other Important Information - The company executed an amendment to its credit facilities, providing waivers for financial covenants, which offers additional flexibility during this period [15] - The company is focused on refinancing its debt due in September 2026 and has engaged advisors for this process [16] Q&A Session Summary Question: Adjusted EBITDA and SG&A items - Management noted that almost five points of margin decline year-over-year was attributed to the tariffs announcement, impacting adjusted EBITDA [22][23] Question: Resumption of orders - Management confirmed that orders paused in Q2 have resumed, with good visibility on Q3 order patterns [25][26] Question: Customer reaction to price increases - Early customer reactions to price increases have shown no negative impact on unit volumes, with continued strong sell-through [30][31] Question: Guidance on adjusted EBITDA margins - Adjusted EBITDA margins of mid to high single digits are expected for the second half of the year, with improvement from Q3 to Q4 [33] Question: Cash flow and liquidity - Management acknowledged liquidity challenges but emphasized the flexibility provided by the recent credit agreement amendments and the ATM filing [35][36]

Financial Performance - Q2 2025毛利率为32.1%[7] - 渠道和产品销售组合变化对毛利率产生-0.6%的影响[7] - 产品利润率提高使毛利率增加3.5%[7] - 版权最低保证缺口导致毛利率下降-2.4%[7] - 关税导致毛利率下降-4.6%[7] - 库存准备金调整导致毛利率下降-5.8%[7] Sales & Top Properties - 前十大IP占比净销售额的33%[5] - 前十大IP占比未知[4] Global Expansion & Brand Engagement - Funko于2025年7月在东南亚开设了第一家授权商店，位于菲律宾[9] - Funko在2025年圣地亚哥动漫展（SDCC）上占据了最大的实体展位，通过四个沉浸式区域与各个年龄段和圈子的收藏家互动[13] - SDCC 2025上，每日都有售罄情况发生，表明产品受欢迎和品牌亲和力[13]

Market Expansion - NBA Top Shot collectibles are now available via Japanese vending machines [1] - The expansion is a collaboration with @24karat_io, extending reach into the real world [1] Partnerships - Decrypt reports on the collaboration between NBA Top Shot and @24karat_io [1]

NFT Distribution Innovation - NBA Top Shot Moments are now available through Japanese vending machines, offering a novel distribution channel for NFTs [1] - Buyers can acquire Top Shot Moments via mobile phone without needing crypto or a wallet [1] - A Flow wallet is automatically created after scanning a QR code and paying via Apple Pay/Google Pay [1] Pricing and Accessibility - Each pack is priced at 1,000 Japanese Yen, which is approximately $6.70 USD [1]

Market Expansion - NBA Top Shot collectibles are now available in Japanese vending machines [1] - This expansion is a collaboration with @24karat_io [1] - The collaboration extends NBA Top Shot's reach into the real world [1]

Company Overview - Alliance Entertainment Holding Corporation (Nasdaq: AENT) is a leading distributor and fulfillment partner in the entertainment and pop culture collectibles industry, with over 325,000 unique in-stock SKUs and serving more than 35,000 retail locations [8] Product Launch - The company announced the launch of a limited-edition Handmade by Robots™ vinyl figure featuring Hello Kitty, which will debut at San Diego Comic-Con (SDCC) from July 24–27, 2025, exclusively at the 7 Bucks A Pop booth [3][4] - The Hello Kitty figure is crafted in a "knit-look" aesthetic, appearing hand-stitched while being made from high-quality vinyl [3] Strategic Initiatives - The Hello Kitty launch is part of a broader 2025 roadmap for Handmade by Robots, which Alliance acquired in December 2024, and aims to expand the brand's retail footprint and licensing pipeline [5] - Major new figure releases planned for the second half of 2025 include characters from popular franchises such as DC Comics, Harry Potter, and Disney [5] Market Positioning - The release of the Hello Kitty figure is positioned as a celebration of a beloved character, with the CEO emphasizing the unique design and appeal to fans of both Hello Kitty and vinyl collectibles [4]

Partnerships - Pudgy Penguins 与中国的 Suplay 合作，将其收藏玩具推向市场 [1] Market Expansion - 公司将很快公布与 Suplay 合作的更多细节 [1]

Core Insights - Alliance Entertainment has formed a partnership with Master Replicas to become the exclusive North American distributor for their premium pop culture collectibles [1][3][5] - This collaboration aims to enhance the availability of officially licensed collectibles from popular science fiction franchises, leveraging Alliance's extensive distribution channels [3][4] - The partnership aligns with Alliance's strategy to strengthen its position in the global collectibles market by combining product authenticity with a broad retail reach [4][5] Company Overview - Alliance Entertainment is a leading distributor and fulfillment partner in the entertainment and pop culture collectibles industry, offering over 325,000 unique in-stock SKUs [7] - The company serves more than 35,000 retail locations and provides e-commerce fulfillment for major retailers, showcasing a vast catalog that includes licensed merchandise and collectibles [7] - Alliance's operational expertise and exclusive licensing partnerships position it as a trusted partner for top entertainment brands [7] Industry Context - The partnership with Master Replicas adds a significant name to Alliance's portfolio, enhancing its offerings in the collectibles market [5] - Master Replicas specializes in creating high-quality products from leading science fiction brands, ensuring accuracy by collaborating with original concept artists and visual effects teams [6] - This collaboration is expected to drive retail sell-through and increase engagement with franchise fans across North America [3][4]