Fox Corporation, a leading American media giant, is diving deeper into the NFT ecosystem and has made strategic investment in Eluvio, a digital content management startup, to assist expand Fox’s non-fungible token business.
According to a press release dated Aug. 25, Fox Corporation’s investment completes Eluvio’s Series A funding round at a valuation of $100 million. Eluvio is a blockchain-based startup that manages, distributes, and monetizes premium content.
Eluvio will supply technology for Fox Entertainment and Bento Box Entertainment’s newly created NFT business and creative unit under the new arrangement, according to the statement.
In mid-June, Fox announced a $100 million creative branch called Blockchain Creative Labs, which will provide content producers, intellectual property owners, and advertising partners with blockchain solutions for building, launching, managing, and selling NFTs.
Eluvio’s Content Fabric open protocol blockchain network was designed for large-scale owner-controlled digital content storage, delivery, and monetization.
The platform allows users to post live and file-based content, as well as mint NFTs using smart contracts that give proof of ownership and access control.
Eluvio’s technology will be used by Fox and Bento to reach a larger audience of content creators, media partners, and advertising clients.
It will allow the companies to introduce and market new NFT collections based on popular content and television series.
Eluvio’s blockchain has also received accolades for being environmentally friendly, as it avoids energy-intensive mining in favor of a more efficient (but less decentralized) proof-of-authority consensus.
Paul Cheesbrough, Fox Corporation’s Chief Technology Officer and President of Digital, praised the technology:
“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.”
Scott Greenberg, CEO of Blockchain Creative Labs and co-founder of Bento Box Entertainment, remarked that tokenized media on the blockchain presents a significant opportunity, adding, “we will create this business as we collaboratively define the future for the NFT industry.”
Fox revealed in May that it was collaborating on an NFT marketplace for Krapoplis, an animated comedy set in mythological ancient Greece, with Rick and Morty co-creator Dan Harmon.
