The American media company Fox Corporation has made a strategic investment in digital content management company Eluvio to support the development of Fox’s non-fungible token business.
On August 25, it was announced that The Fox Corporation investment marks the completion of Eluvio’s Series A funding, valued at $ 100 million. Eluvio is a company dedicated to the management, distribution and monetization of premium content through blockchain.
According to the new agreement Eluvio will provide the technology for Fox Entertainment’s recently launched NFT business and creative unit and Fox Entertainment’s Bento Box Entertainment, accordig to advertisement.
In mid-June, Fox teamed up with Hollywood animation studio Bento Box to create Blockchain Creative Labs, a $ 100 million creative division. Provides blockchain solutions for content creators, IP owners, and advertising partners to create, launch, manage, and sell NFT.
Eluvio’s open-protocol blockchain network Content Fabric is designed for large-scale storage, distribution and monetization of digital content controlled by the owners. The platform offers live and file-based content posting as well as the NFT coins backed by smart contracts that provide proof of ownership and access control.
Fox and Bento are using Eluvio technology to target a broader market of content creators, media partners and advertisers. This will allow companies to launch and market new NFT collections in association with popular television shows and content.
The Eluvio blockchain has also been lauded for its respect for the environment, as it avoids energy-intensive mining and uses a more efficient consensus to demonstrate authority (but less decentralized).
Paul Cheesbrough, chief technology officer and president of Digital, Fox Corporation, promoted the technology:
â ???? At FOX, we believe that blockchain and the general shift towards a more decentralized web offer creators a wealth of opportunities to reach consumers with new and exciting experiences. ”
The CEO of Blockchain Creative Labs and Co-Founder of Bento Box Entertainment, Scott Greenberg, explained that tokenized media on the blockchain are great opportunities, adding that “we will build this business while planning the future of the NFT market.”
In May, Fox announced it was partnering with Rick and Morty co-creator Dan Harmon on an NFT marketplace for its krapoplis series., an animated comedy set in the mythical ancient Greece.