Non-fungible tokens may have one of its biggest votes of confidence yet with media conglomerate Walt Disney Company DIS entering the mix Wednesday.
What Happened: VeVe, a digital collectible business, has partnered with Disney to bring a line of NFTs to collectors in celebration of Disney+ Day.
“Disney & VeVe are collaborating to launch a series of digital collectibles featuring beloved characters and iconic items from some of the world’s most beloved stories!” VeVe tweeted.
Fans will have the opportunity to “purchase and interact with digital golden statues.”
The “Golden Moments” NFT collection from VeVe and Disney will be available “in the lead up to Disney+ Day.” An ultra-rare digital collectible will be offered on Nov. 12, which is Disney+ Day.
Customers who buy an NFT from the collection will receive three months of Disney+ free courtesy of VeVe. Those who purchase the ultra rare NFT on Disney+ Day will receive a twelve-month free Disney+ subscription. The offer applies to new and returning Disney+ subscribers.
Details on drop dates will be announced in the future.
Why It’s Important: Disney+ Day is a newly created annual holiday from Disney to celebrate its streaming platform, which launched in 2019.
Disney ended the third quarter with 116 million Disney+ subscribers. The company could gain subscribers through the licensing deal with VeVe.
VeVe has launched digital comics through a partnership with Disney unit Marvel.
The digital collectible company has licensing deals with DC Comics, James Bond, Star Trek, the NFLPA and others.
VeVe has over 350,000 active users and has sold over 600,000 NFTs, according to a September press release. The company is the largest mobile-first digital collectibles platform.
VeVe uses Ethereum’s layer 2 scaling protocol, Immutable X, which provides zero gas fees, quicker trades and a 99.9% reduction in its environmental footprint.
DIS Price Action: DIS shares were down 0.8% at $170.68 Wednesday afternoon.
Disclosure: Author is long FNKO shares.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.