Fox to Invest $100M in NFT Content with Its Blockchain Creative Labs

UTC by staff writer · 3 min read
Fox to Invest $100M in NFT Content with Its Blockchain Creative Labs
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With a collaboration with Bento Box, animated series like Simpsons and Bob’s Burger might get their own NFTs.

American television production giant Fox Entertainment launched a $100M creative fund for the NFT content market through its recently founded business subdivision Blockchain Creative Labs. The LA-based unit is said to pilot under the banner of Fox Entertainment, captained by Scott Greenberg, known for his involvement in the production of Simpsons.

As cryptocurrency is finding ways to expand and reach out to the public, the NFT content markets have sprung out to be a boon for content creators. With an NFT, one can represent ownership of unique items. Since a particular item or idea can have only one owner, no one can alter the evidence of ownership or copy a new NFT in reality. Conforming to crypto markets has led people to secure their NFTs with Ethereum, Bitcoin, etc. This way, they can represent their unique entities as crypto-based assets. Speculations are rife that the projects undertaken by the blockchain unit will also be based on Ethereum.

Rick and Morty fame Dan Harmon, will be launching his upcoming animated comedy series “Krapopolis” on the Blockchain unit. The first series to be fabricated completely on the blockchain, the show is supposed to be a satire on life in ancient Greece. The rise of Blockchain technology is a result of its ability to prove authenticity. Blockchain technology is a mechanism to document data in a way that makes it unthinkable to hack. Blockchain is basically a digital archive of exchanges and transactions that is copied across networks. Each time a new transaction takes place, it is recorded in the archives. Since all the blocks are individually encrypted, the blocks are secure and unanimously validated. 

According to Charlie Collier, CEO, Fox Entertainment, the appearance of the blockchain technology has helped a new exposition rise which can act as an organic extension to Bento Box’s talents. He also added that Dan Harmon’s brainchild, Krapopolis will be fan-focused from day one, and will be curated on the blockchain from character evolution right up to the premiere in 2022.

The ambitious project of Fox, backed by a whopping amount of $100M, is set to aid customers with blockchain encryption and end-to-end computer ecosystems that construct, float, administer and purchase NFT occurrences, along with fungible tokens and other digital assets. According to Fox Spokesperson Jean Guerin, the endowment will be used to sponsor the ingenious society, along with current IP and brand owners to revamp the adoption of blockchain technology, with an aim to fast-track the benefits to the conventional audience.

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