Fox Corp. joins the list of investors and companies pouring big bucks into non-fungible tokens, or NFTs, a type of digital file that can be bought and sold around creative works like images, music and videos.
The entertainment giant behind Fox News and the Fox broadcast network said Tuesday it is launching a new fund for digital creators and seeding it with $100 million. The fund is part of a larger effort announced in May that includes a new business unit, Blockchain Creative Labs, that will sell and manage NFTs and other digital assets.
NFTs are verified using a blockchain, which introduces scarcity into digital goods to make them attractive to buyers and also to provide proof of authenticity.
Scott Greenberg, co-founder and CEO of Fox’s animation studio Bento Box Entertainment, will also serve as CEO of Blockchain Creative Labs.
“The emergence of blockchain technology has given birth to a new market 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,” said Charles Collier, chief executive officer of Fox’s entertainment division, in a statement.
Among the first projects for the new unit is “Krapopolis,” an animated comedy from Dan Harmon, best known for the shows “Community” and “Rick and Morty.” It will appear on the Fox network next year. Blockchain Creative intends to sell animation art, short-form videos, and other digital experiences to fans.