Disney has announced it will be creating its first official range of non-fungible tokens or NFTs. Similar to a one-of-a-kind piece of art, NFTs are unique and non-interchangeable – making them more valuable and giving the holders full ownership of their online items.
Disney has produced rare and limited products in the past, however this announcement marks one of the first times Disney has ventured into the crypto space. The collection entitled “Golden Moment” will feature “some of the most beloved characters and stories from iconic Disney franchises”. Characters from its Pixar, Star Wars, Marvel and Simpsons works have been released from 7 November with an ultra rare digital collectible set for release on 12 November.
The Disney Golden Moment collection will be available on the VeVe platform, an app-based marketplace for digital collectibles. With these purchases, buyers will only know the collectible they have received after a successful purchase. In a post, VeVe shared that buyers will also have the option to buy “blind boxes”. This means that with these purchases, buyers will not know which character they have received until after they make the purchase.
Disney is not the first major company to invest in NFTs. Asics, Nike, Procter & Gamble and Coca-Cola have all released their own ranges of NFTs in recent years. Coca-Cola revealed its first auction brought in more than $575,000 (£424,000).
NFTs have continued to grow throughout 2021 racking up more than $2.5bn (£1.47bn) sales in the second quarter of this year, up from sales in 2020 of $13.7m (£11.7m). The increase can be largely attributed to the development of new platforms and the increasing popularity of gaming and online collectibles. These tokens are seen as a way to represent digital assets that cannot be replicated, such as in-game items, land or unique experiences. As such, they provide a solution for companies looking to protect their digital IPs and offer new opportunities for customers looking to purchase rare and unique items.