In collaboration with blockchain and metaverse company Dapper Labs, Disney has developed a nonfungible token (NFT) platform.
Disney will tokenize its iconic animated characters from the previous century on its NFT marketplace, nicknamed Disney Pinnacle, the company announced. In addition to Pixar iconography and Star Wars galaxy heroes and antagonists, the platform will feature digital badges that are both collectable and tradable in a distinctive design. Roham Gharegozlou, CEO of Dapper Labs, clarified that “Fans from virtually anywhere in the world will have the ability to acquire dynamic PINs on their mobile devices and engage in instantaneous, secure transactions with one another.”
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In the coming months, the NFT platform will be available on the web, in the Apple App Store for iOS, and in the Google Play Store for Android. Currently, the official webpage features solely a waitlist and a landing page. Disney Pinnacle is constructed on the layer-1 blockchain Flow, which Dapper Labs also developed. In the past, Ticketmaster made the decision to produce NFT event tickets via the Flow blockchain.
Disney discontinued its metaverse division earlier this year as part of a larger reorganisation initiative to reduce operating expenses by $5.5 billion and fired 7,000 employees over the course of two months. Approximately fifty members of the Metaverse division were not provided with a renewed employment contract.
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Dapper Labs, which was founded in Vancouver, Canada in 2018, has secured a $15 million investment from Animoca Brands, the company that developed Web3 in Hong Kong. Dapper Labs made the announcement of its third round of staff reductions for the year in July 2023. The organization’s NFT trademarks, including NBA Top Shot and CryptoKitties, are well-known.
