Fox Entertainment To Invest $100 Million in NFTs

NFTs have placed themselves as the hottest topic of 2021 so far. Many companies and celebrities are all cashing in on the craze. The latest to join the market is Fox Entertainment.

On Tuesday, Fox announced it would invest $100 million in non-fungible tokens (NFTs). Besides, it will do so in partnership with Bento Box Entertainment. This move comes despite the NFT market crash.

Moreover, Fox said its NFT works would be under Blockchain Creative Labs. Blockchain Creative Labs is a newly created business entity. It means the entity will focus on all Fox’s NFT operations. This includes building, launching, managing, and selling the NFT content and activities. Apart from that, it will also host digital goods and assets.

Charlie Collier, CEO of Fox Entertainment, told The Hollywood Reporter that Bento Box CEO Scott Greenberg will serve as the CEO of Blockchain Creative Labs.

Charlie Collier, CEO of Fox Entertainment, noted,

“The emergence of blockchain technology has given birth to a new marketplace that is a natural extension of Bento Box’s talents; one that allows the team to support, elevate and reward innovators and artists in new and creatively exciting ways. Our new company, Blockchain Creative Labs, also under Scott and Bento Box, will help shape and grow the fast-evolving world of creatively led digital goods and tokens,”

In addition, Fox said that BCL’s first focus would be creating NFTs for Rick and Morty co-creator Dan Harmon. After that, BCL will build NTF for their upcoming Ancient Greece-set animated series Krapopolis from “day one.”  Also, it will create NFT for their “right up through premiere night in 2022.”

Follow us on Twitter, Telegram and Google News

Source: https://coinquora.com/fox-entertainment-to-invest-100-million-in-nfts/