Disney Partners with Dapper Labs to Launch Unique NFT Platform "Disney Pinnacle
Summary:
In partnership with Dapper Labs, Disney has launched a unique nonfungible tokens (NFT) platform. This marketplace, called "Disney Pinnacle", will see some of Disney's iconic cartoon characters, Pixar icons, and Star Wars figures digitized as collectible and tradable digital pins. The platform, set to release later this year, is built on layer-one blockchain Flow, developed by Dapper Labs. The move comes after Disney dissolved its metaverse division as part of a large-scale cost-cutting measure. Dapper Labs is notable in the NFT space, known for brands like CryptoKitties and NBA Top Shot.
In collaboration with blockchain and metaverse company Dapper Labs, Disney has launched a unique nonfungible tokens (NFT) platform. Disney plans to digitize its cherished animations from the past 100 years on its new NFT trading place known as "Disney Pinnacle" as stated in a press release dated November 14. Pixar icons along with a variety of Star Wars characters, both heroes and villains, will grace this platform as digital pins meant for collection and trading. Roham Gharegozlou, CEO of Dapper Labs, clarified that these digital pins could be collected and traded securely and instantly by enthusiasts around the globe using their smartphones. The platform, scheduled to go live later this year, will be available on the Apple App Store for iOS, Google Play store for Android, and online. However, only a waitlist and a promotional webpage are available on its official site as of the moment. Disney Pinnacle utilizes the Flow layer-one blockchain, built by Dapper Labs, the same technology opted by Ticketmaster for minting NFT event tickets. Meanwhile, earlier this year, Disney terminated its metaverse department in an extensive reorganization strategy aimed at downsizing its operating costs by $5.5 billion, which led to 7,000 employees being let go over a span of two months. This decision left approximately 50 individuals from the metaverse team without a renewed job contract. In its origin city of Vancouver, Canada, back in 2018, Dapper Labs secured a $15 million investment from Hong Kong's Web3 pioneer, Animoca Brands. In July 2023, Dapper Labs publicized its third in-line staff reduction for the year. The company is recognized for its NFT franchises, including CryptoKitties and NBA Top Shot.
Published At
11/14/2023 3:53:00 PM
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