Disney Pinnacle Hoping to Revive NFTs With Star Wars and Pixar
Collectible non-fungible tokens plummeted hard following the peaks of early 2021. The market has been depressed for more than two years now but recent bumps are reviving hopes that the NFTs may be seeing a revival in fortunes. Despite the odds, Disney is hoping to capitalize on the NFT fortunes with its Disney Pinnacle NFT platform.
The Disney Pinnacle NFT collection is described as an “all-new socially driven collectible experience” and will launch before the year winds up. The NFTs will transform popular Disney IPs like Star Wars, Pixar, and its many classic animated films into tradable digital pins. The collection will draw on 100 years of creative heritage and character development at Disney.
There is a waitlist on the Disney Pinnacle website that interested collectors and traders can join. The tradable pins are inspired by the physical Disney character pins that fans usually collect and trade in various marketplaces.
Be the first to chase, collect and trade digital pins featuring characters you love. Only on Disney Pinnacle. 💫
— DisneyPinnacle (@DisneyPinnacle) November 14, 2023
Disney is partnering with Dapper Labs for the collection. The two prefer to use the term “collectible” rather than “NFTs”, perhaps due to the negative connotation they now draw after their value plummeted and various NFT scams over the past few years.
The Disney Pinnace NFT collection will be launched via an iOS app with the web and Android applications set to come later on. There isn’t much detail on the website apart from a simple animation of the pins that spin around. Dapper Labs already has solid experience launching successful NFT collections including the NBA Top Shot in 2020. It also did other projects earlier such as CryptoKitties. While CryptoKitties was a hot item in 2017, netting millions of dollars in sales, today it’s better known as having been a “spectacular fail.” An official Discord CryptoKitties channel for interested buyers only had posts from three people for the past two months.
Dapper Labs’ next project after CryptoKitties was NBO Top Shot, launched in 2020. It replaced the familiar cat artwork with NBA “moments” collectibles that commemorate players and highlights targeting basketball fans.
According to CryptoSlam data, the market peaked in February 2021, registering more than $220 million in sales just before it hit 165,000 unique sellers. NBA Top Shot has yet to breach $2 million in monthly sales since the beginning of the current NBA season and it has fewer than 10,000 active sellers. A lot of the early fans who bought into the hype have been disappointed with how the collection has performed so far.
Dapper Labs along with its CEO, Rohan Gharegozlou were also slapped with a lawsuit that alleged Top Shot sold unregistered securities.
Dappler Labs also attempted a similar project with the NFL, the NFL All Day NFT, which wasn’t as successful as the NBA Top Shot, peaking at 54,000 owners by the fall of 2022. According to the most recent data, the NFL collection currently has only 1,000 active owners.
There is no mention of financial terms in the Disney Pinnacle press release of the announcement but a Disney IP certainly costs a fortune. The announcement was made on the same day when the ESPN Bet gambling operation was launching in which Penn Entertainment is set to pay Disney $1.5 billion over a period of 10 years for a partnership that will involve the licensing of the name of its sports channel.https://virtualrealitytimes.com/2023/11/19/disney-pinnacle-hoping-to-revive-nfts-with-star-wars-and-pixar/https://virtualrealitytimes.com/wp-content/uploads/2023/11/Disney-Pinnacle-600x409.pnghttps://virtualrealitytimes.com/wp-content/uploads/2023/11/Disney-Pinnacle-150x90.pngBusinessNFTCollectible non-fungible tokens plummeted hard following the peaks of early 2021. The market has been depressed for more than two years now but recent bumps are reviving hopes that the NFTs may be seeing a revival in fortunes. Despite the odds, Disney is hoping to capitalize on the NFT...Sam OchanjiSam Ochanji[email protected]AdministratorVirtual Reality Times