Fox ups its bet on NFTs with $100 million investment

Key facts:
  • Eluvio was created for storage, distribution and monetization of digital content.

  • Fox launched in June a commercial and creative unit to manage non-fungible tokens.

Fox Corporation, announced the investment of USD 100 million in Eluvio, a new blockchain with multiple functions aimed at the entertainment world. The aim to boost its presence in the non fungible token (NFT) market and other areas.

In a statement released on Aug. 25, Fox explained that Eluvio will provide the underlying technology platform to Blockchain Creative Labs, the company’s business unit, which is responsible for marketing and managing the corporation’s NFTs.

Similarly, Eluvio will come to Fox Entertainment and NFT’s commercial and creative unit launched in June, called Bento Box Entertainment.

Eluvio is an open-protocol blockchain designed specifically for owner-controlled storage, distribution and monetization of digital content.

It also provides the ability to “publish live content in 4K and file-based formats, transcoding, packaging, sequencing, dynamic and static distribution, as well as NFT minting, all backed by blockchain contracts that provide proof of ownership and access control,” they state in the text.

With the blockchain Eluvio also work MGM Studios, SONY Pictures and have been offered broadcast events of artists such as the American hip hop band, Black Eyed Peas, and British singer Rita Ora, among others.

In that sense, Fox Corporation’s Chief Technology Officer and President of Digital, Paul Cheesbrough, indicated that at Fox they “believe” in blockchains and the shift to a more decentralized web, because it gives content creators “a wealth of opportunities to reach consumers with exciting new experiences.”

Eluvio’s blockchain already has the first product from Fox

With the accession of Eluvio’s blockchain, the US TV network, will also power its own marketplace for NFT.

Last May, CryptoNews reported that Fox would take its first step into the growing NFT industry, with the 2022 launch of Krapapolis. Which they claim is “the first animated series curated entirely on a blockchain.” It will be created by Dan Harmon, one of the people behind the se

rie animated Rick and Morty.

Fox ups its bet on NFTs with $100 million investment Fox ups its bet on NFTs with $100 million investment The Krapapolis series will have its NFTs on the marketplace for tokens developed by Fox.

Another move Fox made recently, intended to boost its presence in the non-fungible token industry, was the launch

of Blockchain Creative Labs and a partnership with animation studio Bento Box Entertainment.

The business unit will be responsible for managing and selling digital products such as NFT, background art and Krapapolis GIFs to engage and reward fans.