Disney launches NFT platform with Dapper Labs
Disney co-created a non-fungible token (NFT) platform with Blockchain and Metaverse Dept. Labs.
According to an announcement on November 14th, Disney will be listing the iconic cartoon characters from the last century on its NFT marketplace called Disney Pinnacle. The platform includes Pixar icons as well as heroes and villains from the Star Wars galaxy as collectible and tradable digital pins. Roham Garegozlow, CEO of Dapper Labs, said: “Enthusiasts everywhere can collect dynamic PINs on their phones and trade quickly and securely, no matter where they are in the world.
The NFT platform will launch later this year on the Apple App Store for iOS, the Google Play Store for Android, and on the web. Currently, only the waitlist and accommodation are available on the official page. Disney Pinnacle is built on the Layer-1 blockchain Flow, which Dapper Labs also developed. Previously, Ticketmaster was selected to issue NFT event tickets on the Flow blockchain.
Earlier this year, Disney pulled the plug on its Metaverse division as part of a broader restructuring plan to cut operating costs by $5.5 billion and lay off 7,000 workers over two months. 50 or so members of the Metaverse division are left without new contracts.
In 2018, Vancouver, Canada-based Dapper Labs received a $15 million investment from Hong Kong-based Web3 developer Animoka Brands. In July 2023, Dapper Labs announced a third round of layoffs year-to-date. The firm is known for its NFT brands such as CryptoKitties and NBA Top Shot.
Related: Disney has reportedly canceled its Metaverse division
