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


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.

Indrani bose
CBW - External Analyst
INDIA