Non-Fungible Tokens (NFT) are the crypto trend of 2021. Now Disney is also releasing NFT collections, while Adobe is introducing a feature for Photoshop that prepares images for NFTs.
Today, 8 November, sees the release of the first official NFT from Walt Disney Studios. The Disney Golden Moments series is a collection of some of the most beloved characters and icons of all time featured on Disney+.
First, Disney is releasing two characters as NFT: Elsa, who would later become the Snow Queen from Frozen, and the magic hat worn by Mickey Mouse in the 1940 animated film Fantasia. ”
Elsa and Fantasia from Walt Disney Animation Studios – VeVe Digital Collectibles
Tomorrow we will continue with the Disney Golden Moments. Then characters from the Pixar universe will be brought onto the blockchain, such as Wall-E and the Pizza Planet truck from Toy Story.
Disney+, however, already opened the series yesterday, albeit not with self-produced characters, but purchased ones: the Simpsons. And specifically with the classic scene of Homer strangling Bart, as well as Bart Simpson’s skateboard.
Non-fungible tokens thus continue to find their way into the heart of the entertainment industry. Tokens are establishing themselves as a tool for arts funding at breakneck speed, and if things continue like this, it will be almost inconceivable in the future to release films, music and artworks without mapping them on the blockchain through an NFT. At the very least, it seems that the entire creative industry, from Snoop Dogg to the New York Times to Christi’s and now Disney, is already using NFTs. The speed at which NFTs are catching on is breathtaking and unprecedented in the crypto ecosystem.
It is helpful that Adobe is now also bringing NFTs into the popular software Photoshop. With the announced “Content Credentials” toolbox, Adobe will allow, among other things, social media profiles and crypto addresses to be connected and integrated into works. In this way, works already carry proof of authorship. Adobe also partnered with NFT marketplaces KnownOrigin, OpenSea, Rarible and SuperRare, which recognise and verify Photoshop’s “content credentials. ”
– Adobe Photoshop is getting into NFT’s
– There will be an option to “prepare as NFT” that will include all the content credentials on an IPFS.
– Have partnerships with Opensea, Rarible and Superrare
– This is just the beginning pic.twitter.com/W08LHMEJSn– Hector (@cryptocomix1) November 5, 2021
In short: Adobe is preparing for the fact that users will increasingly bring their digital photos and artworks onto the blockchain as NFTs and is preparing Photoshop for exactly this.
What is interesting here, as there, is the technology that is still emerging with NFTs. Initially, NFTs were simply on Ethereum. It was for this blockchain that the standard was developed, it was with this blockchain that the first marketplaces worked, and it is on this blockchain that the most expensive and exclusive NFTs continue to run.
But the high fees on Ethereum are increasingly becoming a stumbling block. When it already costs double-digit amounts to make an offer and usually triple-digit amounts to close a deal, NFTs on Ethereum become only a high art option – for artworks that trade at least at four-digit prices. Moreover, the high fees inhibit precisely what makes NFTs so special in the first place: The innovative use of smart contracts on the blockchain.
In the meantime, it has been widely accepted in the Ethereum scene that the fees will remain this high permanently. ETH2.0 is planned and has already begun, but it is still unclear when and if it will bring the hoped-for redemption. Therefore, the NFT scene is either moving to another blockchain – usually the Binance Smart Chain (BSC) or Cardano (ADA) – or to a sidechain or rollup, i.e. a “layer-2” on Ethereum. For example, OpenSea and also Rarible already support the polygon sidechain.
Disney has its characters made NFT via VeVe. VeVe is actually a startup that plans to found the “VeVeVerse”, in which comics come to life; to this end, VeVe, together with Marvel, publishes comic books as NFTs on the blockchain and precisely with Disney characters as NFTs, among other things.
In celebration of @DisneyPlus Day, join us for a week of Golden Moments!
Customers in select markets who first purchase an NFT from the collection will also receive 3 or 12 months of Disney+ courtesy of VeVe. Terms apply: https://t.co/DayfDrASJQ#DisneyPlusDay pic.twitter.com/sfLAicXjtm
— VeVe | Digital Collectibles (@veve_official) November 5, 2021
To avoid having to deal with astronomical fees or migrate to another insecure blockchain, VeVe uses the “Immutable X” protocol. This is a layer-2 on top of Ethereum that forms a rollup based on zero-knowledge proofs. Immutable-X is specifically designed to trade NFTs and other tokens in a decentralized marketplace. According to the developers, it scales up to 9,000 transactions per second. Whether or not these promises are true, Immutable-X is already home to a decentralized NFT marketplace that trades numerous collectibles. The items are rooted in the Ethereum blockchain, but creation and trading don’t cost gas.
You can use VeVe exclusively through the apps for Android and iOS so far, even though the NFTs should in principle work on other markets as well . To buy the collectibles on the marketplace, you need “Gems” – the OMI tokens. These tokens were actually the native units of the ECOMI blockchain, but the team behind it made the decision to migrate to a rollup on Ethereum in late spring 2021. Now you need them to trade on the VeVe rollup.
