A Non-Fungible Token (NFT) platform known as Disney Pinnacle was recently announced by Disney DIS and Dapper Labs. As well as DIS’ timeless animated characters, the platform will tokenize figures from Pixar and the Star Wars universe. On the NFT marketplace, these characters will be transformed into collectible and tradeable digital pins.
As a result of Disney Pinnacle’s upcoming launch, fans will be able to collect dynamic pins on their mobile devices and trade them securely with others around the world. Dapper Labs developed the layer-1 blockchain Flow for the platform. The platform will be available on the Apple App Store for iOS, Google Play Store for Android, and the web.
Zacks Consensus Estimates put DIS’ 2023 revenues at $92.49 billion, an increase of 4.04% from 2018. Earnings are expected to grow by 20.48% to $4.53 per share, according to the Zacks Consensus Estimate.
Disney Will Face Serious Rivals in the NFT Market
By 2027, revenues from the NFT market are expected to reach $3,162 million, growing at a compound annual rate of 18.55 percent. The number of NFT users is expected to reach 19.31 million by 2027.
Due to competition from Amazon AMZN, Alphabet GOOGL, and Microsoft MSFT, Disney’s shares, which presently have a Zacks Rank #3 (Hold), have increased by 8% year to date compared with the Zacks Consumer Discretionary sector’s growth of 8.1%.
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The Amazon NFT Marketplace has the potential to interact with a large number of AMZN’s current consumer base. By utilizing the reputable Amazon brand, NFT transactions are conducted in a safe and dependable environment that inspires confidence in users. It has a wide selection of NFTs, and digital music, art, and collectibles will all be available on the marketplace.
Google enabled the selling of NFTs within the Play Store apps and games, demonstrating their commitment to the NFT revolution. This development is a step forward in the general adoption of NFTs, opening up new avenues for interaction between developers, creators, and users with unique and verified digital assets. Small developers will be able to participate in the NFT market as a result, increasing overall transaction volume.
Microsoft has released an online game that awards players with NFTs that they can use in one of the most popular games on the planet, Minecraft. Through gaming, these NFTs grant players access to a new mission on the MyMetaverse Minecraft server. Afterward, players can incorporate Microsoft Azure heroes into the well-known game using the EnjinCraft plugin.
The market for NFTs has been declining recently, and Disney will find it challenging to build a loyal following given the existence of strong rivals. The past few unsuccessful initiatives of Dapper Labs do not augur well for the future of this collaboration.