Disney has partnered with blockchain and metaverse firm Dapper Labs to introduce a nonfungible token (NFT) platform named Disney Pinnacle, set to go live later this year.
The initiative will see Disney tokenize its iconic cartoon characters spanning a century, including those from Pixar and the Star Wars universe. These tokens will take the form of collectible and tradable digital pins, providing fans worldwide with the opportunity to engage in instant and secure trading through their mobile devices.
Dapper Labs CEO Roham Gharegozlou highlighted the platform’s innovative approach, emphasizing the ability for fans to collect dynamic pins on their phones and seamlessly trade them globally. Disney Pinnacle is scheduled to launch on various platforms, including the Apple App Store for iOS, the Google Play Store for Android, and the web. Currently, a waitlist and landing site are available on the platform’s official page.
The NFT platform is built on the layer-1 blockchain Flow, a creation of Dapper Labs. This blockchain has gained recognition, with Ticketmaster choosing it to mint NFT event tickets earlier. The utilization of Flow ensures a robust and secure foundation for Disney Pinnacle’s operations.
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This move into the NFT space follows Disney’s earlier decision to discontinue its metaverse division as part of a comprehensive restructuring plan aimed at reducing operating expenses by $5.5 billion. This strategic shift led to the layoff of around 7,000 staff members over two months, leaving the division’s 50 members without new employment contracts.
Dapper Labs, founded in Vancouver in 2018, has been a prominent player in the blockchain space. With a $15 million investment from Hong Kong Web3 creator Animoca Brands, the firm has made significant strides in the NFT market. Despite experiencing a third round of layoffs in July 2023, Dapper Labs continues to be recognized for its NFT brands, including CryptoKitties and NBA Top Shot.
As the NFT ecosystem expands, Disney’s foray into this space with the creation of Disney Pinnacle demonstrates a strategic alignment with the growing trend of digital collectibles. The partnership with Dapper Labs, a seasoned player in the blockchain industry, adds credibility and technical expertise to this venture. The upcoming launch of Disney Pinnacle is poised to attract the attention of NFT enthusiasts and Disney fans alike, marking a new chapter in the intersection of entertainment, technology, and blockchain innovation.
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