TL;DR Breakdown
• FOX and CNN dabble in NFTs (non-fungible) as crypto adoption hits an all-time high.
• CNN and Fox announce a fund to support the NFT growth.
NFTs (Non-fungible tokens) has had incredible growth in 2021. Only in the first quarter, around $200 million was spent on NFT tokens. These tokens have manifested as a wide range of items such as videos, photos, digital files, among others.
Media and NFTs
Major media companies such as Fox and CNN are the latest firms to enter the NFT trend. CNN has launched an NFT project to commemorate and celebrate famous or iconic historical events. Fox wishes to support the NFTs growth through a fund for $100 million.
CNN has joined the leading organizations that have embraced the use of non-fungible tokens. CNN has done this through an NFT project called “Vault by CNN: Moments That Changed Us.”
This project involves iconic token moments in contemporary history. Unfortunately, CNN has been silent on the exact time when they will be digitized as non-fungible tokens. However, experts believe that the topics will include the presidential elections, world history, and world records.
Per the recent speech on climate change, CNN uses the Flow blockchain to coin NFT. Users should also remember that purchases will not be limited to cryptocurrencies only because credit card operations are also available.
Specialists expect the project to be launched at the end of June and that the drops will be divided into six weekly iterations.
CNN and Fox expect more popularity with non-fungible tokens
The Fox news outlet has announced creating a $100 million fund to support and stimulate the NFTs growth. NFT’s Block Creative Labs company will manage this fund to enable content creators to launch, build, sell and manage NFT.
Scott Greenberg, the Blockchain company Creative Labs executive director, has commented that the project has entrepreneurs at the core and has the union of forces with Fox to bring attractive offers to the digital asset market, such as tokens NFT.
Experts think that an animated series will receive a line from NFT, but it is unknown which series would have that opportunity. However, industry specialists indicate that The Simpsons would be the right show to get its NFTs line, which already shows multiple references to digital assets, such as its 2020 episode, starring Jim Parsons, a cryptocurrency standout personality as a guest appearance.
Fox and CNN are the only media companies to join the NFT market because Time Magazine had entered the tokens world, launching ten token magazine covers. Token sales have been able to generate more than $300,000.
