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Fox Corp. is joining the list of investors and businesses pumping big money into nonfungible tokens, or NFTs, a type of digital file that can be bought and sold around creative works like pictures, music and videos.
The entertainment giant behind Fox News and the Fox broadcast network said Tuesday it’s launching a new fund for digital creators and seeding it with US$100 million. The fund is part of a broader effort announced in May that includes a new business unit, Blockchain Creative Labs, that will sell and administer NFTs and other digital goods.
NFTs are verified by a blockchain, introducing scarcity to digital goods to make them attractive to buyers and also provide proof of authenticity.
Scott Greenberg, co-founder and chief executive officer of Fox’s Bento Box Entertainment animation studio, will also serve as CEO of Blockchain Creative Labs.
“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,” Charles Collier, CEO of Fox’s entertainment division, said in a statement.
Among the new unit’s first projects is “Krapopolis,” an animated comedy from Dan Harmon, best known for 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.