Disney has collaborated with blockchain and metaverse company Dapper Labs to unveil an NFT platform named Disney Pinnacle, set to be operational later this year.
On November 14, Disney revealed its intention to tokenize cherished cartoon characters from a century of animation history. The company plans to introduce these tokens to the NFT marketplace through its new platform, Disney Pinnacle.
This innovative platform, named Disney Pinnacle, will specifically feature characters from Pixar and iconic figures from the Star Wars universe. These characters will be creatively transformed into digital pins, designed for collection and trade within the NFT space.
Dapper Labs CEO Unveils Disney’s NFT Venture
Roham Gharegozlou, CEO of Dapper Labs, explained that this initiative allows enthusiasts worldwide to engage in collecting dynamic digital pins directly on their mobile devices. Moreover, users will have the convenience of secure and instant trading experiences, regardless of their geographical location.
Scheduled to launch later this year, Disney Pinnacle will be accessible through the Apple App Store for iOS, the Google Play Store for Android, and the web. Presently, the official page only features a waitlist and a landing site.
Notably, the platform is constructed on the Flow blockchain, a layer-1 blockchain developed by Dapper Labs. The Flow blockchain was previously chosen by Ticketmaster for the minting of NFT event tickets.
Disney’s Metaverse Division Dissolved, Dapper Labs Secures $15M Amid Layoffs
Earlier this year, Disney terminated its metaverse division as part of a comprehensive restructuring initiative aimed at reducing operating expenses by $5.5 billion and implementing layoffs for 7,000 employees over a two-month period. The 50 members of the metaverse division were left without new employment contracts.
Dapper Labs, established in Vancouver, Canada in 2018, secured a $15 million investment from Hong Kong Web3 creator Animoca Brands. Furthermore, in July 2023, Dapper Labs disclosed its third round of staff layoffs for the year. The company is recognized for its NFT brands like CryptoKitties and NBA Top Shot.