Disney Launches NFT platform with Dapper Labs

In a groundbreaking collaboration, Disney has joined forces with blockchain and metaverse company Dapper Labs to introduce its own nonfungible token (NFT) platform, Disney Pinnacle. The platform, set to launch later this year on major app stores and the web, will showcase tokenized versions of Disney's beloved cartoon characters spanning a century, including Pixar favorites and characters from the Star Wars universe. These digital collectibles, presented as unique and tradable pins, aim to provide fans worldwide with a novel and secure way to collect and trade their favorite characters.

Dapper Labs CEO Roham Gharegozlou highlighted the platform's dynamic pin concept, emphasizing that fans can instantly and securely trade these digital collectibles regardless of their location. The NFT marketplace will be accessible on the Apple App Store for iOS, the Google Play Store for Android, and the web, with a waitlist and landing page currently available on its official site. Disney Pinnacle is built on the layer-1 blockchain Flow, which Dapper Labs developed. Notably, Ticketmaster previously chose the Flow blockchain for minting NFT event tickets.

Despite Disney's earlier decision to discontinue its metaverse division as part of a cost-cutting and restructuring initiative, the entertainment giant has embraced the NFT trend through this partnership with Dapper Labs. The move comes after Disney aimed to reduce operating expenses by $5.5 billion and laid off 7,000 staff members over two months.

Dapper Labs, founded in Vancouver in 2018, received a $15 million investment from Hong Kong's Web3 creator, Animoca Brands. The company, known for NFT brands like CryptoKitties and NBA Top Shot, faced staff layoffs earlier in the year. Despite challenges, the collaboration with Disney signifies a significant step for both companies into the burgeoning world of NFTs and digital collectibles.