Fox Leisure is placing $100 million behind its non-fungible token (NFT) undertaking, the corporate mentioned Tuesday.
Revealing particulars of the undertaking for the primary time, the funds will go towards making “the first-ever animated collection curated solely on the blockchain” a actuality. Fox’s preliminary plans had been made public final month in the course of the firm’s “upfront” presentation to advertisers.
The studio’s NFT play will initially be pushed by a present referred to as “Krapopolis” from “Rick and Morty” creator Dan Harmon. With $100 million behind the undertaking, it’s now one of many extra formidable mainstream forays by a mainstream model into NFT experimentation by a mainstream model.
Fox mentioned Tuesday that “Krapopolis” will characteristic blockchain-related content material “from character growth proper up by way of premiere night time in 2022.” A spokesperson instructed CoinDesk the undertaking will probably be primarily based on Ethereum.
Fox is launching Blockchain Inventive Labs and the fund with animation studio Bento Field Leisure. Blockchain Inventive Labs will function below Fox’s banner with Bento CEO Scott Greenberg helming the brand new unit.
“The funds will probably be used to finance the artistic group, in addition to present model and IP house owners, to speed up the adoption of blockchain expertise inside their content material and model ecosystems, and speed up advantages to the mainstream viewers,” Fox spokeswoman Jean Guerin mentioned in an electronic mail.
NFTs are blockchain-based tokens that show possession of a chunk of digital content material. They’ve blasted into the mainstream consciousness in current months. In March 2021 a set by digital artist Beeple bought for $69 million in a Christie’s public sale.
Extra bulletins associated to the way forward for Fox’s NFT enterprise unit are coming within the subsequent few weeks, the corporate mentioned Tuesday.
Mentioned Bento Field CEO Scott Greenberg:
“Our longstanding relationships inside the artistic group permit us to harness this expertise to bridge collectively manufacturers and producers with followers in new and attention-grabbing methods, and we’re wanting ahead to seizing this chance.”