Despite a significant downturn in the NFT market since its 2021 peak, Disney is set to introduce its own NFT venture, Disney Pinnacle, featuring digital collectibles.
The world of NFTs is about to witness a new entrant with Disney's announcement of Disney Pinnacle, a fresh and socially interactive collectible platform. Slated for release later this year, Disney Pinnacle will transform beloved characters from Pixar, Star Wars, and Disney's animated classics into tradable digital pins. The official website for Disney Pinnacle is currently accepting registrations from potential traders and collectors, although the specifics of these "digital pins" remain under wraps.
In their promotion of Pinnacle, Disney and its collaborator, Dapper Labs, are noticeably avoiding the term "NFT." Despite Dapper Labs branding itself as an NFT pioneer, the turbulent history of NFTs — marked by scams, a controversial incident at a recent Bored Ape event, and a steep market decline since early 2021 — seems to have influenced their marketing strategy. Presently, the Disney Pinnacle site only features a privacy policy, underscoring that this project is a Dapper Labs initiative using Disney-licensed content, rather than a Disney-led endeavor like Disney Plus.
The NFT collection will initially be accessible through an iOS app, with plans for web and Android versions to follow, as confirmed to CoinDesk by a spokesperson. Although details are sparse, with only a teaser animation of the pins available, Dapper Labs' past success with projects like NBA Top Shot and CryptoKitties suggests potential for a strong launch.
Prospective buyers should, however, heed the history of Dapper Labs' earlier ventures. CryptoKitties, launched in 2017, once saw millions in sales but now serves as a cautionary tale of rapid decline, with minimal recent activity in its official Discord channel. NBA Top Shot, introduced in 2020, captured basketball enthusiasts with its player and highlight 'moments' collectibles. Despite a peak in February 2021 with sales surpassing $220 million, the project has since seen a drastic drop in monthly sales and active sellers, leaving many investors dissatisfied.
Moreover, Dapper Labs and CEO Roham Gharegozlou are currently embroiled in a lawsuit alleging Top Shot's sale of unregistered securities.
Dapper Labs' NFL All Day NFT project, another sports-themed venture, also failed to match the success of its predecessors, with a peak of around 54,000 owners in fall 2022 and a significant drop in current active owners.
The financial details of Disney Pinnacle were not disclosed in the announcement, but leveraging Disney's intellectual property is likely a costly endeavor. The launch coincides with the debut of ESPN Bet, a gambling operation with Penn Entertainment paying Disney $1.5 billion over a decade for a partnership that includes licensing ESPN's name.