Thor Embraces the Metaverse | Why Disney, Cinemark, & VeVe are Web3 Pioneers
Thor is not only Son of Odin, God of Thunder, and King of Asgard, BUT he’s also Earth’s Mightiest Hero (shh don’t tell Tony Stark).
Despite his vast accomplishments, there’s a brand-new world Thor’s yet to conquer.
And no, I’m not talking about the plot of Marvel’s new movie “Thor: Love and Thunder.”
I’m talking about the Metaverse. Which is not to be confused with the Multiverse (relax Dr. Strange). The Metaverse is a 3D virtual world that’s integrated with blockchain technology. The blockchain allows for ownership of digital assets, AKA NFTs.
Does the Metaverse exist yet?
Ehh it’s complicated. The euphoric virtual world that we saw in movies like “Ready Player One” is a long way away. But we do have working blockchains that allow us to own things digitally in the form of NFTs. And many industries, including social media and gaming, are actively integrating blockchain tech into their platforms.
So, the future is bright.
And nothing shines brighter than Walt Disney Studios…
There’s no debate that Disney owns some of the most valuable IP in the world. And they’re no stranger to the blockchain.
In anticipation of the inevitable technological shift into the metaverse, Disney partnered with the established NFT Marketplace, VeVe to turn some of their most iconic characters into digital collectibles.
Through VeVe, users need to buy “Gems” in order to purchase NFTs. You can buy Gems easily with a Credit Card. Unlike many cryptocurrencies, 1 GEM = $1 USD.
If you’ve made a profit flipping NFTs on VeVe, soon you’ll be able to convert your Gems to either USD or other cryptocurrencies – but not before completing some KYC Identity Verification Requirements. Something that’s sure to upset the decentralization maxis.
VeVe NFTs originated on the ECOMI blockchain but recently moved to the decentralized Ethereum ecosystem via Immutable X. I think this move will greatly help VeVe gain market trust amongst incumbent NFT collectors while maintaining scalability and a low carbon footprint.
Disney put their IP to work this year and released several NFT collections on VeVe.
The Thor digital collectibles are a part of a promotional giveaway only available to Cinemark Movie Rewards Members.
But if you’re not a rewards member, don’t fret. You can always purchase the NFTs on the secondary market. You’ll of course have to pay a premium though (#FlipLife).
My main concern with VeVe is their lack of decentralization.
When you purchase an NFT within their app, you never fully gain custody of it. Your NFT appears in your “Collection” within the app but that’s analogous to a custodial wallet.
You can’t move your NFT to your Ledger.
You can’t officially showcase it as your Twitter PFP.
You don’t technically own it. VeVe owns it. Not your wallet, not your NFT. I personally prefer to own my NFTs in my own decentralized wallet.
However, with the switch to Immutable X, VeVe’s centralization may change. So, stay tuned.
All in all, Disney’s leap into digital collectibles is AMAZING for the space.
I love that they’re releasing affiliate digital collectibles alongside Thor’s theatrical release. I anticipate this type of marketing becoming the norm. I wouldn’t be surprised if digital collectibles begin to include ticketing utility in the future.
Despite my current concerns with VeVe, I am most definitely BULLISH on Disney NFTs!!