NFTs have been largely forgotten about after a hype filled boom and bust cycle. However, there’s a new player entering the space that might change that: Disney.
What’s happening:
- Disney has partnered with crypto company Dapper Labs to launch an NFT based app called Pinnacle
- Pinnacle will allow users to trade digital ‘pins’ which feature characters from some of Disney’s most iconic intellectual property
- The Pinnacle app will allow buying and selling of digital assets that will be underpinned by blockchain technology
Why it matters:
- Seeing Disney enter the NFT space is significant validation for the idea that blockchain technology could play an important role in monetizing intellectual property for global giants in entertainment and media
Going deeper:
- Dapper Labs is one of the most notable companies in crypto after famously launching NBA Top Shot
- The Pinnacle app will be built on top of Flow blockchain, a permission less layer 1 chain that was created by Dapper Labs
- The digital pins will include characters from Star Wars, Buzz Lightyear and other classic Disney films
The intrigue:
- The initial announcement of the Pinnacle app makes no mention of NFTs, blockchain or smart contracts
- Instead, the Pinnacle app is positioned as as allowing the trading of digital collectibles from the Disney universe
