US mass media company Fox has made a strategic investment in digital content management company Eluvio to help grow Fox’s unforgeable token business.
The investment by Fox marks the completion of a Series A funding round valued at $100 million for Eluvio, a company dedicated to managing, distributing and monetizing premium content via blockchain, an announcement said on August 25.
Under the new deal, Eluvio will provide technology for Fox Entertainment and Bento Box Entertainment’s recently launched NFT business and creative division, according to the announcement.
In mid-June, Fox partnered with Hollywood animation studio Bento Box to launch Blockchain Creative Lab, a $100 million creative division that provides blockchain solutions for content creators, IP owners and advertising partners to build, launch, manage and sell NFTs.
Eluvio’s Content Fabric open protocol blockchain network has been built for the mass storage, distribution and monetization of owner-controlled digital content. The platform offers real-time and file-based content distribution, as well as NFT casting backed by smart contracts that provide proof of ownership and access control.
Fox and Bento will use Eluvio’s technology to appeal to a broader market of content creators, media partners and advertisers. It will enable these companies to launch and sell new NFT series related to popular content and TV shows.
Eluvio’s blockchain has also been praised for its eco-friendliness, which avoids energy-intensive mining and uses a more efficient (but less decentralized) proof-of-power consensus.
Paul Cheesbrough, Fox’s chief technology officer and president of digital, touted the technology.
“At Fox, we believe blockchain, and the overall shift to a more decentralized network, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences.”
Scott Greenberg, CEO of Blockchain Creative Lab and co-founder of Bento Box Entertainment, said there is a great opportunity for tokenized media on the blockchain, adding that “we will build this business as we plan the future of the NFT market together.”
In May, Fox announced a partnership with “Rick and Morty” co-creator Dan Harmon to build the NFT marketplace for his series “Krapolis,” an animated comedy set in mythical ancient Greece.