Disney and blockchain and metaverse firm Dapper Labs are collaborating to create a nonfungible token (NFT) platform.
The announcement states that Disney will tokenize its iconic cartoon characters from the past century on its NFT marketplace, Disney Pinnacle. This will include characters from Pixar and heroes and villains from the Star Wars galaxy, all designed as collectible and tradable digital pins. Dapper Labs CEO Roham Gharegozlou explained, “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 will launch later this year on the Apple App Store for iOS, the Google Play Store for Android, and the web. Currently, only a waitlist and landing site exist on its official page. Disney Pinnacle is built on layer-1 blockchain Flow, which Dapper Labs also created. Ticketmaster previously elected to mint NFT event tickets on the Flow blockchain.
Earlier this year, Disney restructured to cut its operating expenses by $5.5 billion and laid off 7,000 staff over two months, leading to the closure of its metaverse division. Dapper Labs, founded in Vancouver, Canada in 2018, received a $15 million investment from Hong Kong Web3 creator Animoca Brands and announced its third round of staff layoffs in July 2023. The firm is known for its NFT brands such as CryptoKitties and NBA Top Shot.
Related: Disney reportedly scraps its metaverse division