Fox Pours $100M Into NFT Creation Fund

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In Brief
  • Fox has invested $100M in a new fund aimed at supporting creators of NFTs and digital experiences.

  • The fund is part of their greater Blockchain Creative Labs unit.

  • NFTs continue to be embraced across the entertainment, sporting, and scientific sectors.

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American broadcasting giant Fox has launched a new $100 million fund for non-fungible token (NFT) creators. The money will reportedly go towards supporting content creators, IP owners, and advertising partners in building, launching, and selling NFTs and digital experiences.

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According to reports issued on June 15, the multimillion dollar seeding is part of Fox’s greater Blockchain Creative Labs unit, first announced in May.

Blockchain Creative Labs will be behind the sale and administration of NFT content, as well as other digital content. More specifically, products such as animation art and short-form videos will be featured.

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One of its first projects is “Krapopolis,” a satirical animated series produced entirely on blockchain technology — the first series of its kind. “Rick and Morty” creator Dan Harmon is behind the show, slated for the 2021-22 programming season.

Fox’s animation studio Bento Box Entertainment will co-produce the series. The studio’s CEO and co-founder, Scott Greenberg, is also at the helm of Blockchain Creative Labs.

NFTs show no signs of slowing down

June has been an eventful month in the NFT space. Fox’s multimillion-dollar investment is just the latest move in the continually expanding sector. 

On June 15, reports revealed that a decentralized Marvel NFT marketplace is coming to the Binance Smart Chain (BSC). Geared specifically towards fans of the Marvel Comics, the marketplace will allow creators to turn assets into NFTs. Furthermore, users can earn Marvel fan tokens ($MV) with every interaction they make on the platform. This includes creating and sharing digital artwork, or sending NFT art as a gift.

On the same day, it was also reported that fine arts brokering giant Sotheby’s would auction off the World Wide Web source code as an NFT. Sir Tim Berners-Lee wrote the 9,555 lines of code in 1989 while working at CERN.

The winning bidder will gain access to the HTML documents that served as the original owner’s manual for the worldwide web, plus a special letter from Berners-Lee himself. Furthermore, they will acquire a 30-minute video showing the writing of the code, as well as a digital poster showing all 9,555 lines of code and the handwritten signature of Sir Tim Berners-Lee.

NFTs have also continued to make their mark on the sporting world. Most recently, blockchain fantasy football game Sorare partnered with the French Football Federation to release an NFT card series. Actively involved in the collaboration, the French national team are the first team of their kind to offer an NFT collection.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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