Fox invests $100 million in blockchain platform Eluvio

The technology of Eluvium, in which Fox just invested 100 million dollars, will reach the service Blockchain Creative Labs of the American company.

The Eluvio platform will be applied in Blockchain Creative Labs, the recently launched NFT business and creative unit by Fox Entertainment y Bento Box Entertainment. In parallel, thanks to this agreement, the technology director and president of the digital area of Fox Corporation, Paul Cheesbrough, will join the board of directors of Eluvium.

Launched in 2019, Eluvium is led by Emmy Award-winning technologists Michelle Munson y Serbian Telephone. 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 features, Eluvio offers live and file-based content publishing, transcoding, packaging, sequencing, dynamic and static distribution, and minting. NFTs derivatives, all backed by blockchain contracts that provide proof of ownership and access control. The core of Eluvio's offering is Eluvio Live, a turnkey platform for publishers that provides 4K streaming and event ticketing media marketplaces.

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 of this initiative will star Dan Harmon's animated comedy Krapopolis. The company will manage and sell digital products from the fiction, including NFTs of art 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 that there is a “huge opportunity in tokenized media with blockchain,” which represents “a new era in the way technology and entertainment will drive each other.” Likewise, he takes the opportunity to emphasize that this investment in Eluvio “provides Fox and Blockchain Creative Labs with an indispensable partner with whom we will build this business while together we chart the future of the NFT market.” On the other hand, Paul Cheesbrough He adds that the agreement will allow the technology to be brought “to a broader market of content creators, media partners and advertising clients.”