Disney NFTs? Probably nothing.
Why this is a big move but there's more work to do on interoperability.
Disney getting in to NFTs? Gotta be nothing right?
November 12th is the first annual Disney+ Day and to commemorate they will be launching non-fungible token (NFT) collectibles! Disney fans will be able to obtain official NFTs from Disney, Pixar, Marvel, Star Wars, and more via the digital collectibles app Veve. This is a huge coup for both the Veve ecosystem and the wider NFT market in general.
The first series collection is called “Golden Moments,” and fans will be able to obtain the NFTs through the digital collectibles app Veve.
They will feature “digital golden statues inspired by beloved stories and moments from Disney, Pixar, Marvel & Star Wars.” Bearing in mind these are some of the biggest entertainment franchises out there and getting in to NFTs is potentially huge.
Impressively, Veve has sold 1.9 million NFTs and has more than 500,000 active users. It uses the ImmutableX Layer 2 scaling protocol so it’s much more efficient on the environment.
TheNewFlex POV:
This move is to be applauded from so many angles. We’re excited here at TheNewFlex to see a global giant like Disney enter the NFT space. It’s a a huge win for Veve also as they are leading the way currently from an environmental perspective. The technology used to mint the non-fungible token collectibles it offers utilises “gasless transactions providing a 99.9% reduction in environmental footprint.”.
However, that does come at a bit of a short term cost. Because going on the Veve platform is a little like dipping their toe in the water rather then fully immersing in to web3 just yet. There is currently no way to transfer NFTs out of the Veve platform so collectibles are until then held within the Veve walled garden. Which means your Disney NFT is only able to be viewed and not traded.
I’m sure this won’t impact them in the short term but I would like to see in the longer term tradable Disney NFT assets on marketplaces like OpenSea and Coinbase (when launched). Watch this space!