Aofex

Fox Invests $100 Million in Blockchain Firm Eluvio

UTC by Oluwapelumi Adejumo · 2 min read
Fox Invests $100 Million in Blockchain Firm Eluvio
Photo: Anthony Quintano / Flickr

Fox Corp explains that the investment will include providing blockchain tech services to the newly created Blockchain Creative Lab section of Fox Entertainment and Bento Box by Eluvio.

In the latest funding round of Eluvio, one major player is a heavyweight American media company, Fox Corp which invested as much as $100 million in the blockchain company.

Per available details, the investment is a move to “accelerate the adoption of Eluvio’s blockchain/NFT platform” and launch Blockchain into the entertainment world.

Eluvio was created by Michelle Munson and Serban Simu in 2019 with a content fabric outlook that engages with blockchain technology in storing, monetizing, and distributing digital content. Eluvio’s service also includes content publishing, transcoding, packaging, and minting of derivative NFTs. Eluvio provides a platform for “multi-tenant” publishers with a fast connection to media markets.

Fox Corp explains that the investment will include providing blockchain tech services to the newly created Blockchain Creative Lab section of Fox Entertainment and Bento Box by Eluvio. Following its success, the Krapopolis series of Dan Harmon’s will be the first project completed by the new arrangement.

As part of the investment, Fox Corp’s top official, Paul Cheesbrough, will be joining the board members in Eluvio. Reacting to the new development, Cheesbrough explained:

“At Fox, we believe that the blockchain, and the overall shift towards a more decentralized web, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences.”

He continued by saying that “Michelle, Serban and the Eluvio team are the best in the business when it comes to the software and scalable infrastructure required to power live, decentralized experiences across the blockchain, and our investment will help bring this technology to a wider market of content creators, media partners and advertising clients.”

“We are incredibly honoured and proud to have the backing of Fox as we embark on the next phase of growth and innovation at Eluvio. Fox, Blockchain Creative Labs, and Eluvio share a common vision about the ability of Blockchain and ‘smart’ assets to fundamentally alter how digital entertainment is created, controlled, and distributed,” While Eluvio’s co-founder, Michelle Munson, said.

Different market experts have expressed their opinions that media could find a use case in the burgeoning Blockchain space. This view is also shared by the CEO of Blockchain Creative Labs, Scott Greenberg. According to him, the work his team is doing alongside Eluvio could pioneer a new phase in the entertainment industry.

Blockchain News, Business News, Cryptocurrency news, Investors News, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

Related Articles