Fox invests $100 million in blockchain platform Eluvio

Eluvio’s technology, in which Fox has just invested $100 million, will come to the company’s Blockchain Creative Labs service.

Eluvio’s platform will be implemented in Blockchain Creative Labs, the creative and NFT business unit recently launched by Fox Entertainment and Bento Box Entertainment. In parallel, thanks to this agreement, Fox Corporation’s chief technology officer and president of digital, Paul Cheesbrough, will join Eluvio’s board of directors.

Launching in 2019, Eluvio is led by Emmy Award-winning technologists Michelle Munson and Serban Simu. It offers an advanced open-protocol blockchain network purpose-built for the storage, distribution and monetization of digital content, all controlled by the owner. Among its functions, Eluvio offers live and file-based content publishing, transcoding, packaging, sequencing, dynamic and static distribution, and derivative NFT minting, all backed by blockchain contracts that provide proof of ownership and access control. The centerpiece of Eluvio’s offering is Eluvio Live, a turnkey platform for publishers that provides 4K streaming and ticketing for media marketplace events.

New opportunities

In May, Fox Entertainment and Bento Box entered the NFT business with the formation of Blockchain Creative Labs and a $100 million creator fund to identify growth opportunities in the space. The first step in this initiative will star Dan Harmon’s animated comedy Krapopolis. The company will manage and sell digital products from the fiction, including art NFTs and GIFs of unique characters and backgrounds, as well as tokens that provide exclusive social experiences to “engage and reward” fans.

In this regard, Scott Greenberg, CEO of Blockchain Creative Labs and co-founder and CEO of Bento Box Entertainment, believes there is a “great opportunity in tokenized media on the blockchain,” which represents “a new era in how technology and entertainment will drive one another forward.” Similarly, he takes the opportunity to emphasize that this 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.” On the other hand, Paul Cheesbrough adds that the deal will enable the technology to be brought “to a wider market of content creators, media partners and advertising clients.”