Fox Entertainment is going all-in with a $100M Investment at its NFT-Focused Business Unit. The media empire created Blockchain Creative Labs to spearhead the creation and selling of NFTs and other digital goods.
Laying down the foundation
The entertainment giant behind Fox News and the Fox Broadcast Network commits its complete resources and workforce to integrate NFTs into its business. To bring its vision to life, FOX is partnering with Bento Box Entertainment. Scott Greenber, co-founder and CEO of Fox’s Bento Box Entertainment animation studio, has been appointed as the CEO of Blockchain Creative Labs.
Charles Collier, CEO of Fox’s entertainment division, expressed his enthusiasm for the NFT project. He said, “The emergence of blockchain technology has given birth to a new marketplace that is a natural extension of Bento Box’s talents; one that allows the team to support, elevate and reward innovators and artists in new and creatively exciting ways.”
Sneak Peek at Fox Entertainment’s NFT Offering
BCL will hit the ground running with Krapopolis, an animated comedy from Dan Harmon (creator of Community and Rick and Morty). Krapopolis is billed as “the first animated series to be curated entirely on the blockchain” with “NFTs of one-of-a-kind character and background art and GIFs, as well as tokens that provide exclusive social experiences to engage and reward superfans.”
The fans would have to wait a bit because the Ancient Greece-set animated series will premiere in 2022.
Naturally, fans speculate if Fox’s current pool of animated series like The Simpsons is onboard with the NFT Project. No official confirmation yet but the company admits that it is possible. Meanwhile, Bob’s Burgers is more likely to get on board quickly, as Bento Box produces that series.
How NFTs will Impact the Media Industry
Commenting on the partnership, Greenber said, “Our longstanding relationships within the creative community allow us to harness this technology to bridge together brands and producers with fans in new and interesting ways, and we’re looking forward to seizing this opportunity.”
The participation of Fox Entertainment in the NFT Industry can potentially change the game. Platforms are promoting NFTs as a way for artists to control their content and remove the involvement of intermediaries like Fox. For example, S!NG platform automatically converts files to NFTs when users upload them in the app. In addition, music NFT Platform, OneOf, is encouraging singers to release tracks and distribute their own music instead of going to a record label.
NFTs have applications beyond the speculative collectible market. For example, piracy, copyright infringement, and plagiarism are significant challenges affecting the media and entertainment industry’s growth. NFTs can easily prevent such fraudulent activities, making replicating ideas and creative work impossible.
One thing’s for sure; FOX will not just be a bystander as NFTs continue to push forward. With the fresh funds and a new company, it is ready to lead the charge!
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This article is educational material.
As always, make your own research prior to making any kind of investment.
