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Fox bets big on NFT, earmarks $100 million for a fund on the same

June 16, 2021 / 07:01 PM IST
Non-fungible tokens. (PC-Shutterstock)

Non-fungible tokens. (PC-Shutterstock)

What if you had the chance to fly back in time and live in a metropolis called Krapopolis? With your family members being a chaotic mix of humans, gods, and monsters trying to administer one of the earliest cities in history, life would be fun, right?

And if you’re a Rick and Morty fan, you’re already sold on the adventure, since, as Rick puts it, “To live is to risk it all; otherwise you’re just an inert chunk of randomly assembled molecules drifting wherever the universe blows you.

While it definitely looks like something you would look forward to, Bento Box Entertainment, under the aegis of media mogul Rupert Murdoch’s Fox Entertainment, is taking fan engagement of this show Krapopolis a step ahead by curating a dedicated NFT (Non-Fungible Token) marketplace that will sell background art, experience tokens and more.

The show, created by Rick and Morty co-founder Dan Harmon, will premiere in 2022. 

This, along with a $100 million creative fund in collaboration with NFT firm Blockchain Creative Labs is the latest in Fox’s bid to expand its presence in the rapidly emerging space. Per a statement by the company, the fund will be used to empower “content creators, IP owners, and advertising partner’s end-to-end blockchain computer ecosystem solutions to build, launch, manage and sell NFT content and experiences, and fungible tokens, as well as digital goods and assets.”

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What are NFTs?

A non-fungible token is like a unit of data in the form of images, videos, or anything else. What’s unique about them is that they are unique and exclusive. There might be multiple copies of a particular artwork floating around, but NFTs are certified original assets, asserting ownership. Hence, any memorabilia created by Fox as NFTs can be considered absolutely authentic and original.

For instance, take CryptoPunks, one of the oldest and most sought-after NFT collections in the market. On June 11, fantasy sports betting company DraftKings’ director Shalom Mackenzie, paid almost $12 million to acquire CryptoPunk 7523 aka Covid Alien in a Sotheby auction.

The NFT rage is evident because the collective value of the NFT market between January-March 2021 stood at $22.5 billion, with more than 90,000 sales being made to date.

Many shows, like the Fox classic Simpsons, are being considered for the NFT marketplace. Simpsons has also referenced and discussed cryptocurrency and blockchain on multiple occasions. Bento Box has previously produced acclaimed series like Bob’s Burgers, Lazy Wulf, and more. 
Ira Puranik

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