Fox Corporation is supporting blockchain-for-video expert Eluvio through a notable financial investment. The company also confirmed tp use Eluvio’s underlying technology for its debut NFT platform, Blockchain Creative Labs.
Fox NFT platform: Expanding the market
This spring, Fox Corporation got serious about joining the NFT market – and their first NFT platform just keeps on growing.
Back in May, Fox Entertainment teamed up with Bento Box to create Blockchain Creative Labs. The NFT platform has been on an ascending trend; it will most likely continue to grow, especially after Fox’s $100 million investment used to identify creative growth opportunities.
Now, the company has also brought Eluvio on board to further improve Blockchain Creative Labs’ underlying technology. In addition, Eluvio will also provide innovative tech solutions for Fox Entertainment’s Bento Box animation studio.
Eluvio is a promising blockchain media startup that focuses on sharing and trading premium content. In essence, the company is using blockchain to check and offer creators ownership for different types of content.
Fox Corp’s foray into the NFT market
The fact that Fox Corp. has invested so much in a blockchain startup is a strategic move. On a bigger scale, the company is aiming to further expand the use of NFTs in the entertainment industry.
]Scott Greenberg, CEO of Blockchain Creative Labs and Bento Box Entertainment, sees Eluvio as a key element of the game:
“We believe there is a great opportunity in tokenized media on the blockchain, which represents a new era in how technology and entertainment will drive one another forward. The Eluvio team members are pioneers in the digital arena, and this strategic investment in Eluvio brings Fox and Blockchain Creative Labs an indispensable partner with whom we will build this business as we together chart the future for the NFT market.”
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