Disney has partnered with blockchain and metaverse company Dapper Labs to create a nonfungible token (NFT) platform.
Disney announced on November 14 that it will tokenize its hundred-year-old cartoon characters for its Disney Pinnacle NFT marketplace. Together with Pixar icons, the platform will also feature digital pins that can be traded and collected that feature characters from the Star Wars universe. According to Dapper Labs CEO Roham Gharegozlou, “fans everywhere will be able to collect dynamic pins on their phone and trade instantly and securely with each other no matter where they are in the world.”
Later this year, the NFT platform will be available on the Google Play Store for Android, the Apple App Store for iOS, and the web.
On its official page, there is only a landing page and a waitlist at the moment. Dapper Labs also created the layer-1 blockchain Flow, upon which Disney Pinnacle is constructed. Tickets for NFT events were previously minted on the Flow blockchain by Ticketmaster.
Disney shut down its metaverse division earlier this year as part of a larger restructuring plan to reduce operating costs by $5.5 billion and lay off 7,000 employees over the course of two months. The fifty or so employees of the metaverse division were left without a new employment agreement.
Hong Kong Web3 creator Animoca Brands invested $15 million in Dapper Labs, which was founded in Vancouver, Canada in 2018. Dapper Labs announced its third round of employee layoffs for the year in July 2023. The company is well-known for its NFT brands, which include NBA Top Shot and CryptoKitties.