NFT News

Fox Entertainment releases $100M for creation of NFT Studio

TL;DR Breakdown

  • Fox Entertainment releases $100M for the creation of NFT Studio
  • Porsche enters NFT space

Fox Entertainment has released a $100 million creative fund for the creation of its non-fungible token (NFT) studio.

Last month, Fox Entertainment had announced the launch of Blockchain creative Labs, a marketplace that would deal in digital goods, including NFTs, tokens and GIFs that would give high-class social experiences to involve and reward their fans.

With the $100 million, Fox Entertainment and its animation studio, Bento Box Entertainment, have created a new animated comedy series titled “Krapopolis” which was unveiled with the NFT division.

“Krapopolis” is from Rick and Morty co-creator, Dan Harmon, and it will be a satirical comedy focused on life in ancient Greece. It will premiere in 2022.

According to Fox Entertainment, the $100 million will be used to back IP owners, content creators and advertising partners’ end-to-end blockchain computer ecosystem solution to build, launch, manage and sell NFT experiences and content, digital goods and fungible tokens.

Scott Greenberg, Bento Box’s co-founder and CEO, who was also the ex-president and Chief Operating Officer (COO) of independent animation company, Film Roman, will head Blockchain Creative Labs. He will be working alongside Fox Entertainment CEO, Charlie Collier.

According to Greenberg, Fox Entertainment and Bento Box will bring exciting offerings to the digital goods, token and NFT marketplace.

Porsche follows Fox Entertainment enters NFT space

Following in the same steps as Fox Entertainment, the German luxury car brand, Porsche has also entered the NTF markets. Porsche in a statement disclosed they launched an NFT-based trading card platform called Fanzone, where users will be able to purchase and trade digital assets.

NFTs are unique digital tokens that are on a blockchain and they can be used as ownership deeds tied to physical or digital artwork or digital collectibles. The ownership deeds mean a company can have certificates of ownership over their pieces of media such as art or music.

They are generated using blockchain technology and they are somewhat scarce which means that any digital varieties is authentic, valuable and irreproducible. Because of this authentic nature, NFT has made a variety of unique and lucrative media moments.
Notably, Porsche’s Fanzone lets users acquire, trade, and even game with their soccer trading cards. Each card features a different player with their unique traits and info.

The luxury car brand partnered with the German National Soccer Selection to showcase its players in the cards. Due to the partnership, the first card packs feature players from the men’s, women’s, and under 21 teams. While putting their legendary cars into NFT form might seem a bright idea, Porsche passed on the idea.

Porsche hopes the NFT craze will bring them engagement-powered revenue in the future

This post was last modified on June 16, 2021 8:50 pm

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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