In a groundbreaking move that melds the magic of Disney with the cutting-edge world of blockchain technology, the entertainment giant has teamed up with Dapper Labs to create a nonfungible token (NFT) platform. The collaboration aims to bring beloved Disney characters from the past century into the digital realm through a marketplace called Disney Pinnacle.
According to the official announcement on November 14, Disney Pinnacle will feature iconic characters not only from Disney’s classic animations but also from the worlds of Pixar and Star Wars. These characters will be transformed into collectible and tradable digital pins, allowing fans worldwide to engage in the immersive world of NFTs. Roham Gharegozlou, CEO of Dapper Labs, highlighted the platform’s appeal, stating, “Fans anywhere 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.”
The NFT platform is set to launch later this year on major app stores, including the Apple App Store for iOS, the Google Play Store for Android, and on the web. As of now, a waitlist and landing site are the only features available on the official Disney Pinnacle page. The platform is built on the layer-1 blockchain Flow, previously developed by Dapper Labs, which gained recognition when Ticketmaster chose it to mint NFT event tickets.
This move comes in the wake of Disney’s recent decision to dissolve its metaverse division as part of a larger effort to reduce operating expenses by $5.5 billion and lay off 7,000 staff over two months. Despite this restructuring, Disney’s foray into the NFT space signals a strategic pivot toward emerging technologies and digital experiences.
Dapper Labs, founded in Vancouver in 2018, has been at the forefront of the NFT revolution, receiving a $15 million investment from Hong Kong-based Web3 creator Animoca Brands. The company, known for popular NFT brands such as CryptoKitties and NBA Top Shot, announced its third round of staff layoffs earlier this year. The collaboration with Disney represents a significant milestone for both companies in the rapidly evolving landscape of blockchain and digital collectibles.