Love or hate Fox Corporation and its influence on US society, it knows a thing or two about trends and entertainment. Then, it should come as no surprise that the major studio has invested a considerable sum in a separate Web3 and blockchain technology sub-division. Fox is backing its NFT and blockchain initiatives to the tune of $100 million.
To that end, in August 2021, Fox entertainment created Blockchain Creative Labs (BCL) within Bento Box Entertainment, part of its animated division. It also gained a stake in Eluvio, an NFT marketplace, and platform structured to monetize premium content using blockchain technology.
Is investing millions into Web3 the right move
Some commentators have questioned if Fox Entertainment made the right choice investing in NFTs and Web3. They cite the downturn in NFT sales, with fewer NFT buyers, and how speculative digital collectibles markets are.
However, Fox Entertainment and BLC are taking a long-term view. They are not there for a smash and grab. They plan to facilitate new business models for more creative fan engagement and how content is distributed, including a future where streaming services no longer exist.
Scott Greenberg, co-founder and CEO of Bento Box Entertainment, believes the commercial potential of Web3 will far surpass anything we have witnessed to date. He points out that blockchain, for the first time, offers “real digital property rights”. He then goes on to use Napster as an example of the stark difference between Web2 and Web3.
In Web2, we saw Napster encourage mass pirating of content creators’ intellectual property rights and a free for all frenzy. Whereas, “the Web3 version gives content owners the ability to monetize every single transaction.”
Blockchain Creative Labs
Fox Web3 company, Blockchain creative labs, play a significant part in its blockchain investment strategy. It is a part of Bento Box Entertainment, creators of animated series such as Bob’s Burgers and The Great North.
BCL’s mandate is “to provide content creators, IP owners, and advertising partners with end-to-end blockchain computer ecosystem solutions to build, launch, manage and sell Non-Fungible Token content and experiences, and fungible tokens, as well as digital goods and assets.”
Scott Greenberg said, “As an animation company, all of our assets are already digital. Our content is built on databases. Adopting NFT and blockchain technologies seems like a natural progression for us.”
Fox entertainment has always encouraged a varied group of creators who have produced some of the most memorable and emblematic entertainment content of our times. Blockchain Creative Labs shows Fox has not lost that innovative spirit as they embrace NFTs and Web3.
BCL first released digital collectibles for Fox’s The Masked Singer on Maskverse, which prompted over 300,000 people to create digital wallets. Next came a partnership with WWE for their “Friday Night SmackDown” and the latest NFT mint, which began on August 11th, for the new animated comedy show, Krapopolis.
Let’s take a look at BCL and Fox Entertainment’s latest drop.
Krap Chicken NFTs
Krap chickens NFTs are a collection of 10,420 chicken NFTs that went on sale on August 11th. They are still available (at the time of writing) to mint on their website for 0.18 Ethereum.
The digital collection accompanies the launch of Bento Box Entertainment’s new animated comedy Krapopolis, which premiers in 2023 0n Fox. Krapopolis comes from the creative genius of Dan Harmon, the creator of the television series Rick and Morty.
The comedy is set in mythical ancient Greece and chronicles the escapades of a dysfunctional family of humans, gods and monsters as they try to carve out an empire.
Owning a Krap Chickens NFT will unlock exclusive access to a variety of perks. The token-gated access will give fans exclusive access to private screening rooms, online meet-ups with cast members and producers and voting rights on certain elements to be included in the show (songs, end titles, etc.).
As part of the program’s inaugural collection, other exclusives for cultivating fan engagement and building community include a chance for those with enough credits to end up as extras in the show, with their likeness showing up in the background of scenes.
Furthermore, you can keep abreast of all the very latest concerning Kropopolis NFT drops and news on their Discord channels.
Those who want to buy a Krap Chicken must create a digital wallet. Simple instructions on their website show you how.
Fox Corp. has broadcast networks around the globe, from national news channels down to regional news stations. It has an entertainment sector with some of the most legendary TV shows within its archives. The long-term approach espoused by Fox shows good business sense since the demographic now embracing Web3 and NFTs are their future customers.
For sure, today’s digital collectibles markets have taken a nosedive, but I would like to quote the baseball analogy that Scott Greenberg used whilst dismissing doubters, “We’re in batting practice. The game hasn’t started yet.” …. “This is like the AOL and CompuServe of what’s coming.”