Despite the recent decline in the market for non-fungible tokens (NFT), multibillion-dollar media conglomerate Disney is moving forward with Disney Pinnacle, a digital collectables platform it’s launching with partner Dapper Labs, best known for creating the popular NBA Top Shot and CryptoKitties collections.
The Pinnacle platform will provide users with digital pins featuring renowned cartoon characters from Disney, Pixar, and Star Wars film and animation companies. Digital pins feature Buzz Lightyear and Woody from “Toy Story,” Disney NFT princesses, and Darth Vader from “Star Wars.”
The initiative will employ the Flow blockchain network, already used by NBA Top Shot and NFL All Day.
Mobile goods will be highlighted in order to highlight new features: It’s an updated economy design, so it’s more balanced between the accessibility for the average fan and the limited edition and ultra limited edition assets for some of the higher-end collectors, said Roham Gharegozlou, founder and CEO of Dapper. Plus, it gives you access to the whole Disney world in one location.
Although NFTs made headlines again this month when visitors at Hong Kong’s annual ApeFest complained of “eye burn, extreme pain, and impaired vision,” the prices of many NFT collections are skyrocketing again. The daily trading volume of the NFT market recently reached a three-month high of $24 million, indicating that NFTs may not be as worthless as previously thought.
According to projections, NFT revenue will be $1.6 billion in 2023.
Gharegozlou told Decrypt that when he and his team released their most recent suite of goods, it was evident that NFTs, especially Disney NFT, were still in their ‘dial-up’ stage in terms of the kind of products available and how portable and interoperable everything was. They are quite optimistic about the future of this technology and how much better things will become in the next few years.