They were created by Tony Levin (Peter Gabriel, King Crimson, Liquid Tension Experiment) and his guitar technician, Andy Moore.
The aim was to recreate the effect of drumming on the strings of a bass, as done by drummer Jerry Marotta for Peter Gabriel's song "Big Time" when recording the album So.
Levin's record and publishing company, Papa Bear Records, briefly made Funk Fingers available for sale to other players, making a run of them in 1998/1999, but as of July 1999 had sold completely out of them and did not plan to manufacture them again.
The commercial version of Funk Fingers had Velcro fingertip holders, and the tips were dipped in "rubberizing tool grip" for an optimal playing surface.
In the Secret Recipe DVD, Buckethead is shown in an early video playing bass; here, he appears to be wearing a Funk Finger on his thumb.