Major US television broadcasting company FOX Corporation recently made investments in digital content management firm Eluvio that uses Blockchain to verify ownership and provide access control.
The announcement by FOX Corp revealed that Eluvio would also provide the underlying technology platform for Blockchain Creative Labs, an NFT business and creative unit jointly launched by FOX Entertainment and Bento Box Entertainment.
The Blockchain Creative Labs was launched in May last year with Dan Harmon’s forthcoming animated series Krapopolis as the first project led by the new initiative.
NFT and media
FOX Corporation was the lead investor in a $100 million Series A fundraising round for Eluvio. Through its investment, FOX will aim to accelerate the adoption and growth of blockchain and NFT in the media and entertainment industry.
The press release also revealed that Paul Cheesbrough, Chief Technology Officer and President of Digital for Fox Corp., will join Eluvio’s board of directors. He said in a statement:
“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.”
In addition to the Blockchain Creative Labs, FOX Entertainment and others launched a creator fund worth $100 million to fund media growth in the NFT space. In May, the company announced that Blockchain Creative Labs will launch a digital marketplace specializing in the animated comedy set “KRAPOPOLIS” by Emmy Award-winning creator Dan Harmon.
Launched in 2019, Eluvio has been developing a Content Fabric open protocol blockchain network that specializes in owner-controlled storage, distribution, and monetization of digital content at scale.
The company was previously praised for its eco-friendly initiatives since its blockchain uses an efficient proof-of-authority consensus rather than mining.
Eluvio CEO and co-founder Michelle Munson noted:
“FOX, Blockchain Creative Labs, and Eluvio share a common vision about the ability of blockchain and ‘smart’ assets to fundamentally alter how digital entertainment is created, controlled, and distributed. We’re also particularly excited about the opportunity to work alongside companies that are arguably second to none when it comes to digital animation and multi-screen advertising. Together, we have amazing things planned for 2021 and beyond.”