American mass media company Fox Corporation made a strategic investment in digital content management company Eluvio to help develop Fox’s irreplaceable token business.
The announcement on August 25 stated that Fox’s investment marked the completion of Eluvio’s Series A financing, valued at US$100 million. Eluvio is a company dedicated to managing, distributing and monetizing premium content through blockchain.
Under the new agreement, Eluvio will provide technology for the recently launched NFT business and creative divisions of Fox Entertainment and Bento Box Entertainment. announcement.
Mid-June, Fox collaborates with Hollywood animation studio Bento Box Launch the Blockchain Creativity Lab, a $100 million creative department that provides blockchain solutions for content creators, intellectual property owners, and advertising partners to build, launch, manage, and sell NFTs.
Eluvio’s Content Fabric open protocol blockchain network is built for the large-scale storage, distribution, and monetization of owner-controlled digital content. In addition to NFT casting supported by smart contracts that provide proof of ownership and access control, the platform also provides real-time and file-based content publishing.
Fox and Bento will use Eluvio’s technology to attract a wider market of content creators, media partners and advertisers. It will enable the company to launch and market new NFT series related to popular content and TV shows.
Eluvio’s blockchain is also praised for being eco-friendly for avoiding energy-intensive mining and using more efficient (but less decentralized) authoritative proof consensus.
Paul Cheesbrough, chief technology officer and president of digital at Fox Corporation, touted this technology:
“At FOX, we believe that blockchain and the overall shift to a more decentralized network provide creators with rich opportunities to reach consumers with exciting new experiences.”
Scott Greenberg, CEO of Blockchain Creative Labs and co-founder of Bento Box Entertainment, stated that there is a great opportunity for tokenized media on the blockchain, adding that “we will establish this as we jointly plan the future of the NFT market. Business.”
in May, Fox announces that it will collaborate with the co-creators of Rick and Morty Dan Harmon filmed on the NFT market for his series “Krapoplis”, an animated comedy set in the mythical ancient Greece.