Disney wants you to know that its new app has nothing to do with NFTs

Disney has teamed up with Web3 game studio Dapper Labs to launch an app for fans to collect digital collectibles. The Disney Pinnacle app aims to allow Disney fans to digitize their pin collections. Small and portable, Disney pins come in a variety of designs and represent popular Disney characters, movies and theme park attractions. However, the initiative tried to avoid the term “NFT” – digital tokens known for their volatile nature in terms of value.

Disney Pinnacle will allow fans to purchase pins that are digital versions of the physical pins popular at Disney theme parks, according to AdAge. account On Tuesday.

The Disney-Dapper duo has opened a waiting list for interested people to sign up for early access to the Disney Pinnacle mobile app.

“As the technology gets better, we can make it more abstract, so the word ‘NFT' doesn't appear anywhere in the product. The open nature of the Web3 platforms is because we can have full authenticity, guaranteed merchantability, full ownership and all these features that set these products apart from WhatsApp stickers or anything else that might be,” Roham Garegozlou, CEO. Dapper Labs is quoted as commenting on the development.

Instead of NFTs, these digital Disney pins are referred to as “digital collectibles.” The duo's decision to keep their distance from the NFT tag may be an attempt to avoid the uncertainty and suspicion surrounding NFTs. Last dappGamble The report states that most NFTs have lost their values ​​amid a shaky Web3 market.

All digital pins made available through this program, meanwhile, will be based on Disney's original intellectual property and will be built on the Flow blockchain. Collectors will be given a platform through the app to buy and trade pins with others. They will be required to sign up for the Dapper wallet ecosystem, which will be accessible from within the app.

Disney has been trying to test the Web3 waters for a while now. Last February, the entertainment conglomerate hired new executives to implement profitable metaversion strategies. The company was also looking to onboard corporate lawyers to handle legal work around emerging technologies such as NFTs and metaversion.