If you think crypto is a polarising buzzword, then you should try asking people if they like NFTs.
For the past 8 months or so, the highly-contentious and often-dismissed asset class has been on a steady journey towards zero, however, with a recent headline hitting announcement from cinematic giant Disney, mainstream bullishness for them might be on the comeback.
Disney NFT ‘Pinnacle’ - What is it?
In partnership with Web3 empire Dapper Labs, Disney is poised to bring fully-licensed digital assets onto the blockchain by way of ‘Disney Pinnacle’.
Here, characters from the world’s favourite movie franchise will become collectible - in digital form that is - for everyone to enjoy… be it children, or simply nostalgic adults looking to relive their childhood through digital asset ownership/’toys’.
In addition to characters from film franchises such as Toy Story, Pirates of the Caribbean, The Lion King, and more, Disney Pinnacle will also feature NFT collections inspired by the world of Pixar, as well as heroes and villains from the Star Wars galaxy.
And instead of the term NFTs, Disney have aptly opted for the word ‘pins’ to describe the collectible blockchain-residing assets of the platform (however, of course, they’ll still be NFTs in practice).
When it comes to the blockchain infrastructures involved on Disney Pinnacle, Dapper Labs’s Flow ($FLOW) will be the digital ledger that all ‘pins’ will live on. In doing so, they’ll join the likes of NBA Top Shot - which is arguably the most popular sports NFT collection of all time - CryptoKitties, NFL ALL DAY, and many more NFT collections that flourished throughout the previous bull market.
“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" - Dapper Labs CEO Roham Gharegozlou.
For those up to date with Web2 entrances into Web3, Disney Pinnacle may come as a surprise seeing as Disney discontinued its metaverse division earlier this year. Such move came as part of the company’s plan to slash costs by $5.5 billion, wherein around 50 of the 7,000 lay-offs came via its metaverse division shut-down (meaning it’ll also be interesting to see if such people get their jobs back).
Similarly, Dapper Labs - which quite-bullishly is also backed by Web3 royalty Animoca Labs - announced its third round of year–on-year lay-offs back in July of this year.
As of now, solely a waitlist and landing site exist on the official Disney Pinnacle page, however come later this year, the platform is set to launch on both iOS and Android… where only then we will see the inaugural Disney NFT Pinnacle collections (inspired by the likes of Walt Disney Animation Studios, Pixar, and Star Wars).
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This article is intended for educational purposes and is not financial advice.