Disney has teamed up with blockchain and Metaverse firm Dapper Labs to launch an innovative non-fungible token (NFT) platform, Disney Pinnacle.
The new venture, announced on November 14th, represents a groundbreaking step into the digital collectibles space. The platform aims to tokenize Disney, Pixar, and Star Wars' iconic cartoon characters as unique, collectible, and tradable digital pins.
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As Dapper Labs CEO Roham Gharegozlou explains, the platform aims to revolutionize the way fans collect and trade digital pins by offering a seamless, secure, and globally accessible experience.
Disney Pinnacle is set to be available later this year on major platforms, including iOS, Android, and the web, currently inviting users to join a waitlist on its official site.
Built on the Flow blockchain, developed by Dapper Labs, Disney Pinnacle leverages a technology previously used by Ticketmaster for NFT ticketing.
The collaboration is a strategic pivot for Disney, especially following the closure of its Metaverse division earlier this year, as part of a broader restructuring plan to cut operating expenses by $5.5 billion and reduce its workforce by 7,000.
Dapper Labs, founded in Vancouver in 2018 and backed by a $15 million investment from Animoca Brands, continues to influence the NFT market with brands like CryptoKitties and NBA Top Shot despite undergoing its third staff layoff in 2023.
The introduction of Disney Pinnacle marks a significant foray into the NFT world for Disney, partnering with an established player in the blockchain industry. This venture not only diversifies Disney's digital offerings but also signals the growing integration of traditional entertainment giants into the blockchain and NFT sectors.
