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Fox launches $100M creative fund for NFT content creation

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Entertainment giant Fox Corporation is joining the flood of high-value NFT investors.

The company behind Fox News announced on Tuesday that it is creating a new $ 100 million fund to finance the creative community and integrate blockchain into digital creativity. Thus, the funds will go to subsidiary company Blockchain Creative Labs. It opened last month under the direction of Scott Greenberg, who oversaw the production of The Simpsons. Fox committed to digitizing tokens for exclusive moments related to iconic entertainment content owned by the corporation. The money, in particular, will go to the creation of the first ever animated series entirely based on the blockchain.

With a $ 100 million raise, Fox Entertainment and its animation studio Bento Box Entertainment are doubling down on that ambition. Bento Box has developed popular animated series such as Bob’s Burgers, Lazor Wolf. In addition is currently producing Krapopolis, a new animated series from Rick and Morty creator Dan Harmon. According to Fox Entertainment CEO Charlie Collier, the upcoming series with Harmon will be “the first-ever series entirely built on blockchain”. The representative said that the project will be based on Ethereum.

There will be other creative initiatives as well.

“Bento Box and Fox are in a unique position to bring exciting offerings to the digital goods, token and NFT market”, Greenberg said.

Fox and their new division Blockchain Creative Labs

Fox revealed initial plans last month during a “preview” of the company to advertisers.

NFT and digital assets managed through Blockchain Creative Labs – a new business unit appeared back in May. The main activities of the division are related to the trading and management of NFT tokens and other digital products. NFT verified using the blockchain and used to verify authenticity and uniqueness of digital objects such as images or videos. Scott Greenberg, CEO of Fox-owned animation studio Bento Box Entertainment, has taken over as head of Blockchain Creative Labs division.

Blockchain Creative Labs will create an expert community capable of evaluating new digital art, support aspiring artists, and join the race to develop a blockchain for NFT tokens. There will be new announcements in the next few weeks regarding the future of Fox NFT.

“The advent of blockchain technology has spawned a new market that will expand thanks to the talents of Bento Box. It enables the team to support, promote and reward innovators and content creators in new and creatively exciting ways”, said Charles Collier, CEO of Entertainment Fox.

“Our longstanding relationship with the creative community allows us to use this technology to connect brands and manufacturers with fans in new and exciting ways. And we look forward to seizing this opportunity”, said Bento Box CEO Scott Greenberg.

Experts welcome the emergence of a media giant in the crypto space. Cause it will try to popularize the direction of cryptocurrencies through mass media. So, perhaps, as investments are made, this experience will be expanded to other areas. Moreover, going forward, the new Fox division plans to sell digital content to fans in the form of NFTs.

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