What do you think of when you hear the word blockchain? Most people think of the famous cryptocurrency Bitcoin, but a lesser-known use of blockchain technology has recently emerged in the world of video games. Disney just released a line of non-fungible tokens (NFTs) and they’re already selling out! The digital collectable NFTs represent some of the most beloved characters and stories from iconic Disney franchises. The collection was made available through the VeVe platform from 9 November, with a number of all-gold digital statues available to be acquired by fans.
What are non-fungible tokens (NFTs)?
Non-fungible tokens (NFTs) are used to digitally represent unique digital assets, like collectibles or art. The concept was first introduced in 2017 by Ethereum co-founder Vitalik Buterin. Today, there are many blockchain platforms that enable users to create non-fungible tokens on their systems. One of these is VeChainThor, which is being used to power Disney’s new digital collectables.
How do NFTs work?
So what is an NFT? It stands for Non-Fungible Token, which means that each one is unique. These items can be anything from gold coins to magic wands, but in Disney’s case it’s characters and scenes from its classic films. The blockchain platform allows each asset to have its own value based on its rarity: rarer pieces will cost more than less desirable ones.
Why use an ERC721 token over other blockchain platforms?
Due to its unique structure, ERC721 isn’t only limited to holding data; it’s capable of holding any type of digital asset—which makes it perfect for items such as collectibles. Collectible NFTs have been on everyone’s mind ever since CryptoKitties made waves in 2017, but not every platform is capable of supporting them. VeChain Thor can.
Why does Disney believe in this project?
The collection was made available through VeVe, an innovative digital collectables platform using blockchain technology. Through VeVe, artists can now showcase their work in a way that protects ownership rights and ensures authenticity. The platform allows consumers to trade, buy or sell these digital collectables easily at any time – even if they lose their phone!
What is The Walt Disney Company doing with blockchain technology?
Disney’s embrace of blockchain is an example for other companies to follow. It puts blockchain technology in touch with its core audience, makes it accessible to those that can benefit from it most, and could serve as a springboard for wider adoption. All good things, right? Yes! It also raises a number of interesting questions, though: what kind of data will be included in these cards? Where will Disney NFT get their data from?
We are creating user awareness of tokenized assets via our existing brands & world class IP
Disney, Marvel, & LucasFilm. We plan to leverage our existing fan base to help educate them on blockchain through news articles. Then we will introduce tokenized assets that are available via VeChainThor or other exchanges. At first these tokens will be time locked, which means they cannot be traded until a certain date & time has passed. This is to protect both us as well as our consumers while creating trust in VeChainThor & VeChain’s existing partners that plan to utilize tokenized products.
If I have no experience using cryptocurrency, can I still get involved?
Of course! You can find complete information on our website, including a step-by-step tutorial on how to purchase your VeChain Tokens. Remember, there’s no need to wait until November 9th to get started—you can get involved right now!
