Fox announces new business unit – the Blockchain Creative Labs.
The mass media company has launched a $100 million fund under the new business unit.
Mass media company Fox Corporation is now the latest to invest in non-fungible tokens (NFTs). The entertainment company announced that it would launch a fund for NFTs creators and commit $100 million to it. The company announced the new fund on the 15th of June.
According to Fox Corp., the $100 million fund will create the first-ever animated series on the blockchain a reality.
Fox Corporation’s new fund is part of the company’s continued effort that includes a new business unit. In May, Fox Corp. announced Blockchain Creative Labs during its “upfront” presentation to advertisers. The new business will focus on selling and administering NFTs as well as other digital goods. In addition, Blockchain Creative Labs plans to sell animation art, video clips and other digital experiences. Furthermore, the new business will look out for more opportunities in the growing NFT space.
The co-founder and CEO of Fox’s Bento Box Entertainment animation studio, Scott Greenberg, will also be the chief executive officer of Blockchain Creative Labs. Greenberg was formerly the president and chief operating officer at Film Roman. While serving at Film Roman, Greenberg managed the production of the Simpsons. Concerning the new Fox Blockchain Creative Labs, Greenberg said:
Our longlasting 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.
Fox Corp. launches $100 million fund in NFTs
According to spokeswoman Jean Guerin, the $100 million funding will help the creative community and existing brand and IP owners to speed up blockchain technology adoption. Creators will be able to build, launch, manage, and sell NFTs with the help of Fox’s $100 million fund. In addition, the mainstream audience will also benefit from the fund.
Commenting on the newly-founded business unit, the CEO of Fox entertainment division, Charles Collier, said in a statement:
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.
One of the first projects of Blockchain Creative Labs is an animated comedy from Dan Harmon titled “Krapopolis.” Harmon is also the creator of ‘Rick and Morty‘ and the comedy show ‘Community.’ When Fox announced Blockchain Creator Labs last month, the company revealed that Krapopolis would offer several digital items such as NFTs representing characters and more.
Also, Krapopolis intends to reward committed fans with tokens that unlock “exclusive social experiences.” A Fox Corp. spokesperson revealed that Krapopolis content will be related to blockchain and will begin to show on the Fox network in the coming year.
Fox plans to announce future details on its NFT business unit in the coming weeks.
NFTs are special digital items based on a blockchain. The NFT market has been making headlines as several celebrities, including actors, athletes and artists, venture into the sector. In March, an NFT collection by digital artist Beeple was sold for $69 million in an auction. However, NFTs’ weekly volumes, including users and transactions, have reduced from their February highs.
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