Entertainment giant Disney has collaborated with blockchain and metaverse company Dapper Labs to launch its nonfungible token (NFT) platform named Disney Pinnacle.
Dapper Labs, founded in Vancouver, Canada in 2018, secured a $15 million investment from Hong Kong Web3 creator Animoca Brands. The company, known for its NFT brands like CryptoKitties and NBA Top Shot, recently announced its third round of staff layoffs in July 2023, underscoring the dynamic landscape of the NFT market.
The entertainment giant plans to tokenize its beloved cartoon characters spanning a century on the Disney Pinnacle NFT marketplace. This includes characters from Pixar and the Star Wars universe. These digital collectibles, uniquely styled as tradable pins, aim to engage fans globally. Dapper Labs CEO Roham Gharegozlou expressed that fans will have the ability to collect dynamic pins on their phones and securely trade them worldwide.
Platform Launch Details
The eagerly awaited NFT platform is set to launch later this year on major app stores. Disney Pinnacle will be available on the Apple App Store for iOS, the Google Play Store for Android, and on the web. Although a waitlist and a landing site are currently the only features on the official page, excitement is building among fans.
Disney Pinnacle is built on the layer-1 blockchain Flow, created by Dapper Labs. Notably, Ticketmaster has previously chosen the Flow blockchain for minting NFT event tickets. The utilization of Flow ensures a secure and efficient platform for Disney’s venture into the NFT space.
Disney’s Metaverse Division History
Earlier this year, the entertainment giant made headlines by discontinuing its metaverse division as part of a broader restructuring plan. This move aimed to reduce operating expenses by $5.5 billion, resulting in the layoff of 7,000 staff members over two months. The 50 members of the metaverse division found themselves without new employment contracts.