Disney Partners with Dapper Labs To Create NFT Platform

Disney has partnered with blockchain and metaverse firm Dapper Labs to create an NFT platform.

According to the announcement, Disney’s iconic cartoon characters from the past century will be tokenized and available for purchase on their NFT marketplace called Disney Pinnacle. The platform will also feature collectible and tradable digital pins styled in a unique way for heroes and villains from the Star Wars galaxy, as well as icons from Pixar.

Dapper Labs CEO Roham Gharegozlou explained that fans around the world will be able to collect dynamic pins and trade them instantly and securely with each other, regardless of their location.

The NFT platform will be launched later this year on the Apple App Store for iOS, the Google Play Store for Android, and on the web. Currently, only a waitlist and a landing site exist on its official page. Disney Pinnacle is built on the layer-1 blockchain Flow, which was also created by Dapper Labs. Previously, Ticketmaster used the Flow blockchain to mint NFT event tickets.

Earlier this year, Disney shut down its metaverse division as a part of a larger restructuring plan aimed at reducing operating expenses by $5.5 billion and laying off 7,000 employees over two months. Roughly 50 members of the division were left without new employment contracts.

Dapper Labs, founded in Vancouver, Canada, in 2018, received a $15 million investment from Hong Kong’s Web3 creator, Animoca Brands. In July 2023, Dapper Labs announced its third round of staff layoffs for the year. The company is known for its NFT brands, such as CryptoKitties and NBA Top Shot.