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Disney (DIS Free Report) recently announced its partnership with Dapper Labs to unveil a Non-Fungible Token (NFT) platform known as Disney Pinnacle. This platform is designed to tokenize DIS’ timeless animated characters, along with figures from Pixar and the Star Wars universe. These characters will be transformed into collectible and tradeable digital pins on the NFT marketplace.

Scheduled to launch later this year, Disney Pinnacle’s goal is to enable fans worldwide to collect dynamic pins on their mobile devices and securely trade them with others globally. The platform is built on the layer-1 blockchain Flow developed by Dapper Labs. This platform will be available on the Apple App Store for iOS, Google Play Store for Android and the web.

Following DIS’ restructuring initiative earlier this year, where the company discontinued its metaverse division as a cost-cutting measure, there has been a strategic shift. Despite closing the metaverse division, Disney is now actively entering into the NFT space with its collaboration with Dapper Labs. This is expected to aid the company’s top-line growth in the upcoming quarters.

The Zacks Consensus Estimate for DIS’ 2023 revenues is pegged at $92.49 billion, indicating year-over-year growth of 4.04%. The Zacks Consensus Estimate for earnings is pegged at $4.53 per share, indicating year-over-year growth of 20.48%.

Disney to Face Tough Competition in the NFT Market

According to a statista report, revenues from the NFT market are expected to reach $3,162 million by 2027, witnessing a compound annual growth rate of 18.55%. In the NFT market, the number of users is expected to reach 19.31 million by 2027.

Shares of Disney, which currently carries a Zacks Rank #3 (Hold), have gained 8% year to date compared with the Zacks Consumer Discretionary sector’s rise of 8.1% due to competition from Amazon (AMZN Free Report) , Alphabet (GOOGL Free Report) and Microsoft (MSFT Free Report) .

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Amazon NFT Marketplace holds the capability to engage a broad audience comprising AMZN’s existing customer base. Leveraging the trusted Amazon brand instills confidence in users, providing a secure and dependable environment for NFT transactions. It features a diverse array of NFTs and the marketplace is set to encompass digital art, music and collectibles.

Google has made a notable stride in embracing the NFT revolution by enabling the sale of NFTs within the Play Store app and games. This development signifies an advancement in the widespread acceptance of NFTs, creating fresh opportunities for developers, creators and users to interact with distinctive and verifiable digital assets. This will allow small developers to enter into the NFT market and increase the number of transactions overall.

Microsoft has introduced an online game that provides players with NFTs as rewards, which can be utilized within Minecraft, one of the most globally renowned games. These NFTs, obtained through gameplay, enable players to access a fresh quest within the MyMetaverse Minecraft server. Through the EnjinCraft plugin, users can subsequently bring Microsoft Azure heroes into the popular game.

Recently the demand for NFTs are slowing down and with the presence of big competitors it would be difficult for Disney to establish an audience of its own. Dapper Labs’ past few failed projects do not bode well with the prospects of this partnership.

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