Disney and Dapper Labs to Launch an NFT Platform

Reading Time: < 1 minute

Disney and Dapper Labs are collaborating to launch Pinnacle, a mobile-focused NFT platform built on the Flow blockchain.

This platform aims to provide a socially conscious collecting experience in the digital age.

Fans will soon be able to buy and trade digital pins representing Disney’s 100-year history, including characters from Pixar and Star Wars.

Pinnacle will be available on the AppStore by the end of the year.

In a related note, Disney closed its virtual worlds division in March, as reported by sources from the Wall Street Journal.

This decision comes after Dapper Labs, the creator of Pinnacle, announced layoffs of 51 employees in July 2023 due to the global decline in the non-fungible token market.

Data from Dune dashboard shows a decrease in NFT trading volumes on major marketplaces like OpenSea, LooksRare, and Blur since the collapse of FTX.

Additionally, many trading platforms have experienced a decrease in unique users. In May 2022, Dapper Labs raised $750 million for the development of the Flow ecosystem.