Fox Corporation backs Eluvio’s $100M raise for its content plan for NFTs
Fox Corporation, a mass media giant of the United States, has announced a strategic development towards its digital content management, partnering with Eluvio for creating Fox’s own nonfungible tokens (NFTs) business.
The new development was made public through an official statement on August 25 that Fox Corporation’s investment completes Eluvio’s funding round of Series A, valuing at $100 million. Eluvio is a firm dedicated to the management, distribution and monetization of premium selected content via blockchain technology.
According to Fox’s new agreement with Eluvio, the latter will equip Fox Entertainment and Bento Box Entertainment with the technology for their newly launched NFT business through content creation. Fox had partnered with Hollywood’s Bento Box Entertainment in mid-June for releasing Blockchain Creative Labs. The Labs is a $100 million creative project for providing intellectual property owners, advertising partners blockchain solutions, and content creators for building and managing NFTs.
Eluvio’s Content Fabric protocol blockchain was initially built to function as an owner-controlled storage and monetization of digital content. The protocol provides file-based content publishing other than NFT minting through smart contracts with proof of ownership and access control.
Fox and Bento’s technology powered by Eluvio, is poised to attract a broader market of media partners, advertisers and content creators that would potentially enable companies to market NFT collections related to popular TV shows.
Eluvio’s blockchain network has gained many praises for its utilization of eco-friendly technology in avoiding energy-intensive mining and using proof of authority consensus, which has proven to be more efficient.
Fox’s Chief Technology Officer and President of Digital, Paul Cheesbrough, said that the media giant believes that blockchain is an overall shift towards a more decentralized web, hence having huge career potentials for creators and consumers regarding new web-based experiences.”
Scott Greenberg, CEO of Blockchain Creative Labs and co-founder of Bento Box Entertainment, reiterated Fox President of Digital, saying that there is massive potential in tokenized entertainment and that Creative Labs together with Fox and Bento Box will “chart the future for the NFT market.”
Fox had earlier in May announced that it would team up with Dan Harmon, co-creator of Rick and Morty, on an NFT marketplace series for Krapoplis, an animated comedy series in mythical ancient Greece.
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