Big news: Disney is introducing its new NFT platform in collaboration with Dapper Labs. Under the name Disney Pinnacle, this innovative NFT platform will be accessible by the end of the year. See all the details below. 

Disney embraces NFT technology with Dapper Labs

As anticipated, Disney recently announced a collaboration with Dapper Labs, a blockchain and metaverse company, to create a non-fungible token (NFT) platform. 

The announcement, dated 14 November, reveals that Disney plans to tokenize its iconic cartoon characters from the last century through the NFT platform called Disney Pinnacle. 

In addition, the platform also includes characters from Pixar and the Star Wars universe, presented in a unique style similar to collectible and exchangeable digital pins.

Roham Gharegozlou, CEO of Dapper Labs, explains that fans around the world will be able to collect dynamic pins on their mobile devices and exchange them instantly and securely, regardless of their geographical location. 

The NFT platform is scheduled to launch later this year and will be available on Apple’s App Store for iOS, the Google Play Store for Android, and online. 

Currently, only a waiting list and a ‘landing’ site can be found on the platform’s official page.

Disney Pinnacle is based on the layer-1 Flow blockchain, developed by Dapper Labs, the same blockchain on which Ticketmaster decided to coin tickets for NFT events. 

Recall also that earlier this year, Disney shut down its metaverse division as part of a larger restructuring plan aimed at reducing operating expenses by $5.5 billion and laying off 7,000 employees in two months. 

On the other hand, Dapper Labs, founded in Vancouver in 2018, received a $15 million investment from Hong Kong-based Web3 maker Animoca Brands. 

In July 2023, Dapper Labs announced its third round of staff layoffs since the beginning of the year. The company is known for its NFT brands such as CryptoKitties and NBA Top Shot.

Optimism in NFTs: a crescendo of sales and positive outlook

In the weeks leading up to November 2023, data on non-fungible tokens (NFTs) reveal a steady increase in weekly sales. Although far from the 2021 peak, industry leaders are confident that the upward momentum will continue.

Specifically, on 6 November, data from Nansen, a blockchain analytics firm, indicated an increase in NFT sales from $56 million in the week to 9 October to $129 million in the week to 6 November.

Jonathan Perkins, co-founder of NFT marketplace SuperRare, expects this trend to persist in the months ahead. He also states that the worst is over and anticipates upward movement in the near future, underscoring a change in market sentiment.

In fact, for Perkins, the previous decline in NFTs was mainly “sentimental.” He stressed that there has been nothing inherently wrong with NFTs over the past 18 months, viewing them as a key advance for the Internet.

According to Perkins, in the long run, NFTs will be an essential part of the online economy, predicting volumes that will exceed those of the previous cycle. A view shared by Sonia Shaw of CoinW digital asset exchange, who sees NFTs as a broader interest beyond art and collectibles.

Shaw believes NFTs will revolutionize sectors such as real estate, finance, identity management and supply chain logistics. However, he warns that despite the revolutionary potential, it is essential to address regulatory issues, environmental impact and security challenges.

Oscar Franklin Tan, CFO of NFT platform Enjin, also supports NFTs as a digital asset separate from cryptocurrency. 

He notes that investors, primarily interested in NFTs in 2021, could bring the renewed interest in Bitcoin and Ethereum to high-grade NFTs as well, including those related to games.

Ripple XRP Ledger (XRPL): the upgrade for NFT security and integrity

Ripple XRP Ledger (XRPL) is about to undergo a significant update thanks to the approval of the “fixNFTokenRemint” amendment. 

This amendment, which is crucial to optimize the operation of non-fungible tokens (NFTs) on the platform, won broad support from the community with 27 out of 34 votes in favor. 

The activation is scheduled for 27 November and aims to solve a critical problem in the NFT world: preventing sequence number collisions during the creation of NFTs.

In addition, the update is notable for the introduction of two key new elements: a “AccountRoot” field and a persistent “FirstNFTSequence.” 

These additions play a key role in recalibrating the generation of NFT sequence numbers, eliminating the risk of reproducing existing NFTs with identical sequence numbers. 

The formula for computing the sequence of a newly minted NFT will now be “FirstNFTSequence + MintedNFTokens,” with an increment of “MintedNFTokens” of one. 

This new approach increases the security of the NFT ecosystem on the XRPL and promotes greater integrity in the tracking and ownership of NFTs.

Finally, the update strengthens the security of user accounts by restricting the ability to delete accounts, thus providing an additional layer of protection for XRPL users.

The Walt Disney Company, the global entertainment giant, has announced the layoff of about 7,000 employees, the equivalent of the entire metaverse team.

There is no doubt that this is an outcome caused by the economic crisis, but it is worth analyzing carefully what might have prompted the company to drop the metaverse project in particular.

What impact will this news have on cryptocurrencies?

Disney entertainment company shuts down the metaverse and does so with a series of layoffs

Layoffs at Disney, with the entertainment giant expected to part ways with 7,000 employees overall. First to bear the burden would seem to be the team that was in charge of the metaverse. A team that is thus dismantled even before offering concrete results.

Is this a sign of the economic crisis that is not sparing even the very large US companies, or is it a sign of a loss of interest in this type of technology, which had excited so many large companies only a few months ago?

Some analysts speculate that the layoffs could also be a sign of Disney’s loss of interest in metaverse technology.

The metaverse is still in its early stages and it remains to be seen whether it will become a mainstream technology.

Some companies are investing heavily in the metaverse, while others are taking a more cautious approach. Disney’s decision to fire the metaverse team could be interpreted as a lack of confidence in the technology’s potential.

Regardless of the reasons behind the decision, the impact on the world of metaverse-related cryptocurrencies is expected to be minimal.

Disney was aiming to develop its own solutions without being present in The Sandbox or other metaverses that already have significant international business partnerships.

The news of the layoffs at Disney was met with concern and criticism from many quarters. The company has been a major player in the entertainment industry for decades, and its decisions have a significant impact on the industry as a whole.

The layoffs have raised questions about the company’s long-term strategy and its ability to cope with the ongoing economic crisis.

Changing the CEO of the project

The change in CEO has led to a turnaround in Disney’s attitude toward the metaverse.

With the economic crisis affecting large US corporations, Disney is downsizing its activities.

The team that was supposed to be in charge of integrating the group’s intellectual properties into virtual worlds, with or without blockchain, has been hit by cutbacks.

This has generated doubts about the future of Disney’s metaverse, which the previous CEO said would be the next frontier for storytelling.

It is currently unclear what will be left of the project and whether there will be further investment in the future.

On the other hand, one has to consider that the Disney team was just over a year old and had not done much, if anything, to prove itself.

In addition, Disney is currently cutting collateral and non-productive business branches as part of an initiative to meet shareholder pressure and focus on its core business, and this has led to the decision to cut the metaverse team.

It is unclear whether Disney will decide to invest in this area again in the future, especially considering the declining interest in this technology.

However, some companies in the fashion industry have already found monetization channels in virtual worlds related to blockchain and NFTs, so there may be investment opportunities in this field.

Hype about the metaverse on the part of companies declines due to the difficulty of implementation

In recent months, the hype around metaverses has been greatly diminished. While many believed that this virtual world would be the next big thing, it seems that the reality has been less exciting.

There are many reasons for this, including the fact that the technology is still in its infancy and there are still many problems to be solved before it can be adopted on a large scale.

Despite this, there are still some who believe in the potential of the metaverse and have been working hard in recent months to build strong business relationships.

These are the companies that seem to have the best chance of doing well in this space, because they have been able to establish themselves as reliable partners and have gained the trust of others in the industry.

One of the main challenges facing those seeking to succeed in the metaverse world is the need to find ways to monetize these virtual worlds.

While there are certainly opportunities for advertising and sponsorship, there is still much work to be done to develop effective revenue streams that can sustain these platforms over the long term.

Another challenge is the need to create compelling content that keeps users engaged and keeps them coming back for more.

This requires a deep understanding of user behavior and preferences, as well as the ability to create engaging experiences that capture their imagination and keep them glued.

Despite these challenges, the world of the metaverse still has great potential. Those who are able to navigate the complexities of this space and build strong business relationships will be well positioned to succeed in the years to come.

As technology continues to evolve and mature, we can expect to see new and innovative applications emerge that will open up even more opportunities for growth and success in the metaverse world.

 

Related posts
More from author

It’s official, ever since Facebook kicked off its big new Meta project, all the big entertainment companies have, or rather, are trying to follow the same path. Indeed, specific teams are being set up to figure out how best to position themselves in this still uncertain but extremely attractive new dimension. One such team is Disney, which is about to land in the metaverse.

The formation of the Disney team to work in the metaverse

Like many other giants, Disney is also taking its first steps into the phygital universe.

The US company has already announced that it has appointed the person who will oversee and manage the company’s strategy in the sector.

The announcement came in a letter signed by Bob Chapek, CEO of The Walt Disney Company, addressed to the staff.

The letter stated that the head of Disney’s operations in the metaverse is and will be, to all intents and purposes, Mike White.

Looking at White’s curriculum, one can only think that this appointment fits him perfectly. Mike has over 25 years of experience working in the company’s technology division.

His promotion will lead him to the position of SVP (Senior Vice President) in the new Next Generation Storytelling and Consumer Experiences section, where he will be responsible for developing the ways in which the general public can enjoy Disney products and franchises in the metaverse.

Disney’s innovative approach 

The entertainment giant seems to have pretty clear ideas on the way to position itself in the much talked about metaverse.

Unlike Facebook, Disney does not intend to build its own metaverse, but rather to create a bridge, a link that connects the physical and digital worlds.

The aim is to connect the physical spaces, i.e. their historic amusement parks, with the digital services they already offer, such as Disney+, the park navigation service of the Disneyland app, or the virtual environments that will be gradually created around specific characters or projects. 

Indeed, Disney CEO Bob Chapek described the metaverse as a – “third canvas” and said:

“(I)t’s going to take all the great things that we as a media company have with Disney+ and use that as a platform for the metaverse. But at the same time, we have something that no one else has, and that’s the physical world, a world of our parks. And so, if the metaverse is the blending of the physical and the digital in one environment, who can do it better than Disney?”

He added:

“We realize that it’s going to be less of a passive-type experience. And this is a very top-of-mind thing for us because we are continuing over time to augment our skills and the types of people that we attract into the Walt Disney Company to reflect the aggressive and ambitious technology agenda that we have”.

Related posts
More from author

2022 could be the year of Disney’s official entry into the metaverse, according to rumours in the Wall Street Journal. At the same time, it could also be the year that its former chairman and CEO Bob Iger enters the metaverse.

Disney in the metaverse

In December of last year, Disney filed a patent for a virtual simulator that would provide theme-park-like thrills and spills directly in the metaverse.

“The Walt Disney Company has a long history of pioneering the use of technology to enhance the entertainment experience. (…) Our efforts to date are just a prologue to a time when we will be able to connect the physical and digital worlds even more closely, enabling limitless storytelling in our own Disney metaverse, and we look forward to creating unprecedented opportunities for consumers everywhere to experience all that Disney has to offer across our products and platforms”.

This was said by Bob Chapek, new CEO of Walt Disney during a press briefing a fortnight ago.

Genies for a trip to the metaverse

On Monday, Robert Iger, the company’s chairman and CEO for 15 years prior to Chapek’s arrival, announced that he had joined the board of 3d Genies. During his long presidency Disney has expanded its business, buying over the years first Pixar, then Marvel and Lucasfilm and finally from Murdoch, Century Fox in 2019. Iger also helped launch the Disney+ streaming service.

Founded in 2017, Genies’ mobile app allows users to create their own personalized digital avatars, for their social media profiles and, eventually, to travel through the metaverse. And it would be exactly this sector that the company now would like to develop thanks also to the entry of the new partner.

In a press release, the start-up said it was convinced that Iger’s help would be fundamental to the company’s growth, precisely in the new ecosystem of the metaverse.

The 29-year-old co-founder and CEO of Genies Akash Nigam, spoke in enthusiastic terms about the new addition of the former CEO of Disney, saying:

“He can’t think of a better creative and product thinker to partner with than Bob”.

Iger, in a note announcing his role in the start-up commented:

“I’ve always been drawn to the intersection of technology and the arts, and Genies offers unique and compelling opportunities to harness the power of that combination to enable new forms of creativity, expression and communication”.

Iger also added that there will be not just one metaverse, but numerous different digital worlds, and that users will have a unique experience jumping from one metaverse to another.

3D Genies has raised about $100 million in funding, according to Reuters. The company has also collaborated with a long list of celebrities, creating online avatars for musicians such as Justin Bieber, Cardi B and Shawn Mendes. It has also partnered with brands such as Gucci on branded digital items by launching a digital NFT marketplace.

Related posts
More from author

Disney has released a new job announcement in which it is hiring a Manager of Business Development, essential to the Digital Experiences team, who would lead the company into the Non-Fungible Token (NFT) space. 

Disney hiring manager to strengthen its presence in the NFT sector

Burbank-based media giant Disney wants to strengthen its presence in the NFT industry. 

This past week, in fact, it released a new job announcement that reads as follows:

“As a Manager of Business Development, you will be an essential player on the Digital Experiences team, responsible for developing and ensuring execution of Disney’s Digital Experiences distribution strategy, identifying and securing incremental revenue opportunities, and overseeing select relationships in the technology sector. You will help lead Disney’s efforts in the NFT space including monitoring the evolving marketplace, setting category strategy, and managing key partners”.

Not only that, one of the key requirements for this position is that the candidate has “Knowledge of and passion for Digital and NFT categories”.

Disney believes in the NFT craze, word from former CEO Bob Iger

According to an interview with former Disney CEO Bob Iger, it seems that the animation and entertainment company (and more), believes in the NFT mania, even predicting an explosion of this market. Here are Iger’s exact words:

“We forget, in our generation, that things don’t have to be physical. They can be digital, and they have meaning to people. And as long as that meaning can be essentially substantiated in a blockchain, I think you’re going to see an explosion of things being created, traded, collected in NFTs”.

Granted, the only remaining concern in this area is, according to Iger and Disney itself, the infringement of intellectual property in the NFT space, i.e., the lack of copyright protection. To that end, Iger said:

“I went on a platform called OpenSea, which is a platform to buy and trade NFTs. And I was amazed at all the Disney stuff that was there, and most of it was pirated. Most of it was not created by people who had the right to create them”.

“Golden Moments”: the first Non-Fungible Tokens launched by Disney. 

In mid-November, Disney reportedly launched, jointly with Veve Marketplace, its NFT collection called “Golden Moments:”, on the company’s annual Disney+Day. 

The collection features unique and original stories from Disney, but also from all the characters born from Pixar, Marvel and Star Wars productions. 

Disney’s Golden Moments NFTs are golden statues that represent the most well-known moments of the stories covered by the global brand. 

 

 

 

Related posts
More from author