Fox Creates Business Unit, Invests $100 Million Into Creating NFTs
by Emily Nagle
Fox Entertainment has become one of the latest companies to hop onboard the NFT bandwagon.
Along with their animation studio Bento Box Entertainment, which is best known for producing “Bob’s Burgers”, Fox designated $100 million toward creating Blockchain Creative Labs, a company that will work closely with content creators to sell digital assets, including NFTs. Scott Greenberg, the co-founder and CEO of Bento Box Entertainment, will serve as the CEO of Blockchain.
Non-fungible tokens (NFTs) are unique pieces of digital content. Anything digital can be an NFT, including music, videos, or art. They have been rising in popularity recently, with some NFTs selling for thousands (including a Logan Paul Pokémon card that went for $17,000).
In a statement, Charlie Collier, CEO of Fox Entertainment announced of the new company, “The emergence of blockchain technology has given birth to a new marketplace that is a natural extension of Bento Box’s talents — one that allows the team to support, elevate and reward innovators and artists in new and creatively exciting ways. Our new company, Blockchain Creative Labs, also under Scott and Bento Box, will help shape and grow the fast-evolving world of creatively-led digital goods and tokens.”
The Los Angeles-based company already has their first client: Dan Harmon. The mind behind “Community” and “Rick and Morty” recently announced his newest animated series, “Krapopolis”. Set in ancient Greece, it will follow a crew of humans, gods, and monsters as they attempt to “run one of the world’s first cities without killing each other.”
Although the premiere date for “Krapopolis” isn’t until next year, Blockchain is already planning out the unique digital marketplace for the series that will be chock-full of unique digital assets available for purchase by fans, including animated GIFs, art, and short videos. This strategy is bound to keep fans engaged, in addition to attracting new viewers to the show.