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Fox Entertainment Invests $100M In New NFT Platform

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“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.”

Charlie Collier, CEO of Fox Entertainment.

Last month, Fox Entertainment’s animation studio Bento Box Entertainment revealed plans to launch the first animated comedy series curated entirely on blockchain.

Today, the company announced it is investing $100 million in a ‘creator fund’ for the non-fungible token (NFT) space through a new business unit called Blockchain Creative Labs.

Introducing: Blockchain Creative Labs

“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.”

Charlie Collier, CEO of Fox Entertainment.

Blockchain Creative Labs will operate a digital marketplace dedicated to commercializing characters, background art, and animated NFTs related to the series and other projects that join the platform.

Considering the recent decline, Fox’s $100 million investment in the NFT space is risky – however, the initiative brings new opportunities for content creators and involves Fox in the broader space.

Final Thoughts

It is no secret that in recent months, there has been a significant decline in activity in the NFT space.

Until this past week, the last time weekly sales were under $10 million was in January, before what many consider the NFT boom.

However, unit sales have declined significantly less than the dollar sales amounts, which is a positive indicator that the NFT market was more than just a speculative bubble.

In addition, it is worth noting that despite the recent decline in NFT activity, the NFT industry is seeing new initiatives almost daily – the recent announcement by Fox being one of many.

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