Fox Entertainment Creates $100 Million Investment Fund for Non-Fungible Tokens (NFTs)

Entertainment giant and media house Fox makes a blockbuster entry to the non-fungible tokens (NFTs) market by launching a $100 million creators fund in partnership with Bento Box entertainment. This mammoth investment comes just at a time when the NT market has been showing signs of a slowdown.

Fox’s NFT operations will take place under a newly created business entity called Blockchain Creative Labs. This new entity will focus on all-things-NFT right from building, launching, managing and selling the NFT content and experiences. Apart from that it will also host digital goods and assets.

Bento Box CEO Scott Greenberg will serve as the chief executive of Blockchain Creative Labs. Charlie Collier, CEO of Fox Entertainment 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. Our new company, Blockchain Creative Labs, also under Scott and Bento Box, will help shape and grow the fast-evolving world of creatively led digital goods and tokens.”

Creating NFTs for Blockchain-based Animated Series

As its first project, Fox Entertainment’s newly formed NFT entity – Blockchain Creative Labs – will build NFTs for Dan Harmon’s upcoming Ancient Greece-set animated series Krapopolis. This is reportedly the first animated series built entirely on blockchain.

It will feature “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”.

It’s not sure if Fox’s existing animated series like The Simpsons will join the company’s NFT initiative. However, sources familiar with the matter said that Fox Entertainment is open to working with the creators. Besides, animated series like Bob’s Burgers produced by Bento Box has chances of getting onboard faster. Speaking on this development, Bento Box CEO Scott Greenbreg said:

“Entrepreneurs at our core, FOX and Bento Box are uniquely situated to bring exciting offerings to the digital goods, token and NFT marketplace. 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.”

After attaining its peak in April 2021, the NFT market has witnessed a major slowdown with transacting volumes plummeting 90 percent in the last two months. However, creators and developers are very much confident of futures growth for NFTs.

The post Fox Entertainment Creates $100 Million Investment Fund for Non-Fungible Tokens (NFTs) appeared first on Coingape.