Fox is making a strategic investment in Eluvio, a blockchain-based platform for managing, distributing and monetizing content, as it pursues NFT opportunities in media.
As part of the investment, Eluvio will provide the underlying technology platform for Blockchain Creative Labs, Fox Entertainment’s and Bento Box Entertainment’s recently launched NFT business and creative unit.
“We believe there is great opportunity in tokenized media on the blockchain, which represents a new era in how technology and entertainment will drive one another forward,” said Scott Greenberg, CEO of Blockchain Creative Labs and co-founder and CEO of Bento Box Entertainment, in a statement. “The Eluvio team members are pioneers in the digital arena, and this strategic investment in Eluvio brings Fox and Blockchain Creative Labs an indispensable partner with whom we will build this business as we together chart the future for the NFT market.”
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In May, Fox and Bento Box formed Blockchain Creative Labs and set up a $100 million creator fund. The joint venture will launch a dedicated digital marketplace for Dan Harmon’s upcoming animated comedy, “Krapopolis,” which the companies, who said marks the first time an animated series will be curated entirely on the blockchain, plan to manage and sell digital goods including NFTs of one-of-a-kind character and background art and GIFs along with tokens that provide exclusive social experiences, all tied to the show.
Eluvio was launched in 2019 by Michelle Munson and Serban Simu. The company’s Eluvio Content Fabric is an open protocol blockchain network for storage, distribution and monetization of digital content with live and file-based content publishing, transcoding, packaging, sequencing, dynamic and static distribution, and minting of derivative NFTs. Eluvio LIVE is a multi-tenant platform for publishers that provides 4K streaming and ticketing of events with media marketplaces.
Fox’s investment marks the completion of Eluvio’s Series A round at a valuation of $100 million.
“We are incredibly honored and proud to have the backing of Fox as we embark on the next phase of growth and innovation at Eluvio,” said Munson in a statement. “Fox, Blockchain Creative Labs, and Eluvio share a common vision about the ability of blockchain and ‘smart’ assets to fundamentally alter how digital entertainment is created, controlled, and distributed. We’re also particularly excited about the opportunity to work alongside companies that are arguably second to none when it comes to digital animation and multi-screen advertising. Together, we have amazing things planned for 2021 and beyond.”
Paul Cheesbrough, chief technology officer and president of digital for Fox, will join Eluvio’s board as part of the deal.
“At Fox, we believe that the blockchain, and the overall shift towards a more decentralized web, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences,” said Cheesbrough, in a statement. “Michelle, Serban and the Eluvio team are the best in the business when it comes to the software and scalable infrastructure required to power live, decentralized experiences across the blockchain and our investment will help bring this technology to a wider market of content creators, media partners and advertising clients.”