NFTs’ Latest Play: New Revenue Streams, Fan Engagement Opportunities
If you’re still unfamiliar with the world of non-fungible tokens, or NFTs, it might be time to learn about them. Another term for “digital collectibles,” NFTs represent a massive global market. Smart media companies have already started to look closely at them as a way to create sizable recurring revenues and engage with fans.
Last month Fox offered 10,000 free “Miss Masky’ Genesis Edition NFTs to the general public through its www.maskverse.com website. In less than 10 hours, all 10,000 had been claimed and a second 10,000 NFT run had been announced. The question now is where do NFTs fit in the television ecosystem?
Exclusives
WWE is the latest entertainment company to catch NFT fever. The wrestling entertainment producer inked an exclusive, multiyear deal with Fox Entertainment’s Blockchain Creative Labs to launch an NFT marketplace for licensed digital WWE tokens and collectibles.
When it comes to NFT investing, Fox apparently has diamond hands. The network is staking its new NFT business unit, Blockchain Creative Labs, with a $100 million creative fund, Fox announced Tuesday. Fox is partnering with Bento Box Entertainment on the project and has now named Bento Box co-founder and CEO Scott Greenberg as CEO of the new company. Blockchain Creative Labs will build, launch, manage and sell NFT content and experiences, and fungible tokens, as well as digital goods and assets.
Fox is launching its own NFT (non-fungible token) company, Blockchain Creative Labs, the company said on Monday as part of its upfront presentation. Blockchain Creative Labs, which will create, sell and manage NFTs, tokens and digital goods, will be launched in conjunction with Dan Harmon’s new series Krapopolis. Krapopolis has the distinction of being the first-ever animated series curated entirely on the blockchain.
