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This Ned vinyl figure is released by Funko in their POP! Marvel x Spider-Man: No Way Home vinyl figure series.
Funko POP! is a crossover vinyl figure series by Funko and other famous franchises such as Disney, Pixar, DC Comics, Marvel Comics, Simpsons, South Park, Uglydoll, etc. Each POP! figure is about ~3" to ~5" tall and crafted in a Japanese anime/manga super-deformed style (NOTE: due to the unique design of each character, the actual size of the figures may be smaller or bigger than stated).
The POP! Marvel x Spider-Man: No Way Home series features characters from the 2021 American superhero film based on the Marvel Comics character Spider-Man co-produced by Columbia Pictures and Marvel Studios and distributed by Sony Pictures Releasing. In the film, Parker asks Dr. Stephen Strange to help make his identity as Spider-Man a secret again with magic, which leads to the multiverse breaking open and allowing supervillains from alternate realities to enter Parker's universe.