Fox creates US$ 100 million fund for its NFT focused shows
Fox Corporation executives have announced that they will invest US$100 million into their experimental NFT-based TV shows and NFT projects.
Fox is launching Blockchain Creative Labs (BCL) with animation studio Bento Box Entertainment. BCL will operate under Fox’s brand with Bento CEO Scott Greenberg leading the new division.
Fox also bought in ‘Rick and Morty’ co-creator Dan Harmon to create the new NFT show called Krapopolis as the company’s debut project. Krapopolis will be an animated comedy based in ancient Greece and scheduled for premiere in Q3 of 2022. The audience will be able to collaborate on ‘character development’ and enjoy perks if they purchase a Krapopolis NFT, which will be dropped on the Ethereum Blockchain.
The funds will be used to fund the production of ‘the first-ever animated series curated entirely on the blockchain,’ which was announced officially during Fox's ‘upfront’ presentation to advertisers last month.
‘The funds will be used to finance the creative community, as well as existing brand and IP owners, to accelerate the adoption of blockchain technology within their content and brand ecosystems, and accelerate benefits to the mainstream audience,’ said Fox spokeswoman, Jean Guerin.
Fox told Coindesk in an interview that the company would use the $100 million to create a thriving ‘creative community’ and promote a robust ‘brand ecosystem.’ The company also mentioned using the funds for ‘benefits’ related to the NFT communities.
Fox stated that more announcements on the future plans of the NFT division will be revealed in the coming few weeks.