NFT Opportunities for Disney Are ‘Extraordinary’: How Bob Iger’s Return Could Drive Web3 Growth – Walt Disney (NYSE:DIS)

With last match for The Walt Disney Company HAZE, a former CEO is brought in to help steer the company forward. Could the next phase of growth include a deeper connection in the Web3 world?

What happened: Disney announced Sunday that CEO Bob Chapek has stepped down and is immediately replaced by Bob Iger, who has previously been CEO of the company for 15 years.

Bringing Iger in as CEO could help the company improve several things, including relations with theme park goers, not raising the price of Disney+ as often, and settling with Florida’s governor Ron DeSantis.

Another growth area that may come into the spotlight is Disney’s Web3 ambitions.

Iger has been a vocal supporter of the metaverse, NFTs and Web3 in general.

After stepping down as chairman of Disney, Iger joined the board of directors Geniuses, a metaverse related company. Iger also invested in Genies.

“I was particularly interested in companies that used technology for disruptive purposes and, where possible, the intersection of technology and creativity,” Iger said at the time.

Iger explained that he was drawn to Genies because of the ability for users to create and sell their own virtual goods. Genies has a collaboration with Universal Music Group and Warner Music Group Corp WMG and has onboard musicians included Justin Bieber, Rihanna and Cardi B to the platform.

“Imagine, you know, having someone buy a Mickey Mouse avatar and customize it in a way that not only would we never allow before, but it was kind of hard to do in the physical world,” Iger said.

Genies offers tools that allow users to create avatars, digital clothing and operates an NFT marketplace where users can sell their creations. Genie’s user Flow FLOW/USD blockchain owned by Dapper Labs, the company behind NBA Top Shot and NFL All Day.

Along with Iger, investors in Genies include Bond Capital, Dapper Labs and Coinbase Venturesthe investment arm of Coinbase Global Inc COIN. Celebrities included Priyanka Chopra, Camila Cabello and Paris Hilton are also investors in Genies.

Outside of joining Genies and investing in the company, Iger has been vocal about the huge opportunity a company like Disney could have in the NFT space and metaverse.

“When you think about all the copyrights and trademarks, characters Disney has, and the NFT opportunity, they’re extraordinary,” Iger previously said.

Iger added that in the future there could be an “explosion of things” being created, traded and collected in the NFT world.

“They can be digital, and they matter to people.”

Chapek had also previously hinted at Disney’s potential in the metaverse.

“We think the opportunity for the Walt Disney Company goes far beyond those channels. It extends to sports betting, gaming and the metaverse,” Chapek said earlier this year, calling metaverse opportunities top of mind for the company.

Related link: Former Disney CEO Bob Iger takes stake in Canva

Why it’s important: Disney is one of the largest and most recognizable brand companies in the world and has been slow to adapt to the metaverse and NFT world.

The company collaborated with the platform for digital collectibles Weave to launch NFTs of Star Wars, Marvel and Pixar characters. Outside of this partnership, the company has been relatively quiet in the NFT area.

Previous rumors have surfaced that Disney may acquire an NFT company such as Dapper Labs, which could create synergies with its ESPN sports property and sports-related NFTs.

Benzinga reported earlier this year that Disney had several job postings that mentioned NFTs in the job descriptions.

Iger touted the huge opportunity Disney had in the metaverse and NFTs even after he left the company. Now in charge of Disney again, Iger can make the pitch in Web3 for Disney.

While Iger joining the company could once again be great for Disney’s direct-to-consumer and theme park businesses, it shouldn’t be underestimated that the move could also propel Disney forward in the fast-growing world of Web3.

Known for making big acquisitions like Pixar, Marvel and Star Wars parent Lucasfilm, Iger transformed Disney by recognizing brands that could drive the company forward. Acquisitions in the NFT and Web3 area should not be out of the question for Disney to make a strong entry into the sector.

DIS price action: Disney shares are up 8% at $99.92 against a 52-week range of $86.28 to $160.32.

Read next: Bob Iger regrets hiring Bob chapek as Disney CEO successor, calls it one of his worst business decisions

Photo: Courtesy of Thomas Hawk on flickr