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Fox Corporation invests in Blockchain platform Eluvio to help its NFT business

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Indrani bose Follow

INDIA

Aug, 28 2021

Aug, 28 2021

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On Aug. 25 an announcement reported about investment made by U.S. mass media company Fox Corporation at a valuation of $100 million Series A fundraising in digital content management firm Eluvio to help develop Fox’s nonfungible token(NFT) business. This step will also benefit Eluvio, as the adoption of Eluvio's platform will speed up across media and entertainment industry.

As joint venture of Fox Entertainment and Bento Box Entertainment, last May non-fungible token (NFT) business and Blockchain Creative Labs unit was launched. The blockchain platform provider Eluvio will provide the underlying blockchain technology platform for this as a part of investment. Although the exact value was not disclosed. In May, the entertainment company announced it was teaming up with the Rick and Morty co-creator Dan Harmon. It planned to use NFTs for its upcoming series Krapopolis, an animated comedy set in mythical ancient Greece written by Emmy award winner Dan Harmon. The show will be the first project through the platform. Paul Cheesbrough,Chief Technology Officer and President of Digital for Fox Corporation, will also join Eluvio's Board of Directors. Cheesbrough said “At FOX, we believe that the blockchain, and the overall shift towards a more decentralized web, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences,".

Fox and Bento will be using Eluvio’s technology to attract a wider market of content creators, media partners, and advertising clients. It will enable the companies to launch and market new NFT collections linked to popular content and TV shows.

About Eluvio:

Eluvio, is a company dedicated globally for managing, distributing, and monetizing premium content through blockchain. Emmy Award-winning technologists Michelle Munson and Serban Simu launched Eluvio in 2019.

Reason for selecting Eluvio:

Eluvio’s Content Fabric blockchain was selected for its low environmental effect. This blockchain avoids energy-intensive mining and uses less decentralized and more efficient proof-of-authority consensus and seamless combination of on and off chain transactions.

What is Content Fabric ?

Content Fabric a solution for streaming, distribution, owner-controlled storing and monetization video content which includes blockchain for certain functionality, designed by technology company Fox Corporation. It provides live and file-based content publishing, transcoding, packaging, sequencing, dynamic and static distribution, and minting of derivative NFTs–all backed by blockchain contracts providing proof of ownership and access control.

About Bento Box ?

In mid-June, to launch Blockchain Creative Labs Fox Corporation partnered with Hollywood animation studio Bento Box.

What is Blockchain Creative Labs ?

Blockchain Creative Labs a $100 million creative division providing content creators, intellectual property owners, and advertising partners blockchain solutions to build, launch, manage, and sell NFTs.


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Indrani bose

CBW - External Analyst

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