It looks like rumors surrounding the death of NFTs have been hugely exaggerated.
One of America’s biggest entertainment companies is jumping feet first into non-fungible tokens.
Fox Entertainment and Bento Box Entertainment — the animation studio that created Bob’s Burgers — are launching a new unit called Blockchain Creative Labs.
A $100 million creator fund is being established to uncover new opportunities for growth in the NFT space.
Fox Entertainment’s CEO, Charlie Collier, explained:
“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.”
How It Will Work
Through this new outfit, it’s highly likely that we’ll see an array of digital collectibles that are designed to fit around the TV shows that are being produced.
This could include rare NFTs of characters who appear in a show, or tokenized versions of a program’s most memorable moments. All of this could prove appealing for diehard fans who love quoting a show’s catchphrases.
Although NFTs have been mainly associated with digital art so far, there’s quite a lot of untapped opportunity in the film and TV industries.
That said, the non-fungible token sector appears to have crashed back down to Earth after reaching dizzying heights last month — with reports suggesting that sales have taken something of a nosedive in recent weeks.
Supporters insist that rumors of the death of NFTs have been greatly exaggerated.
Just last week, Sotheby’s managed to sell a single rare CryptoPunk for a cool $11.8 million — with the auction house saying this amounted to a new world record for this particular type of asset.
