How Fox Corp. surprises the entertainment industry by enabling new business models and consumer engagement on the blockchain
Fox Corp. NFTs and other Web3 projects have surprised the entertainment industry over the last couple of years.
The media giant is the only major U.S. broadcast network among the top three other leading broadcast giants—NBC, CBS and ABC—launching a Web3 and NFT division.
Reasons being, to enable new business models for content distribution and consumer engagement on the blockchain.
But how do Fox Corp. NFTs and metaverse projects boost the broadcaster’s success?
FOX CORP’S HISTORY WITH WEB3 – START TO FINISH
Fox Corp has been persevering Web3 initiatives since May 2021. Following the success of creating its very own NFT marketplace and digital collectibles, it continues to launch content on the Eluvio blockchain.
To get a better understanding of the success behind the company’s Web3 initiatives, let’s check out the history of Fox and its blockchain ventures from start to finish:
MAY 2021 (KRAPOPOLIS)
Fox first entered the Web3 sphere when teaming up with the co-creator of Rick and Morty, Dan Harmon. Together, they designed the “first-ever animated series curated entirely on the blockchain.”
The animated series goes by the name “Krapopolis”, and was launched just before Fox’s dedicated marketplace, Blockchain Creative Labs.
Fox designed the marketplace to publish NFTs representing characters from various TV series the company broadcasts.
JUNE 2021 (BLOCKCHAIN CREATIVE LABS)
In June 2021, Fox launched a $100 million creative fund to support Blockchain Creative Labs alongside Bento Box Entertainment.
The platform mark’s Fox’s first NFT sale and distribution marketplace. The Web3 media company “enables creators, IP owners and their passionate communities to build tokenized digital economies around their own content and brand ecosystems.”
OCTOBER 2021 (MASKED SINGER)
Once having all Web3 technologies in place, Fox launched its first NFT debut tied to the celebrity singing competition ‘Masked Singer’.
The collection of NFTs marked the broadcaster’s first foray into the non-fungible token sphere.
Collectors were able to claim an NFT of the show’s mascot “Miss Masky” for free before releasing packs for $20 each throughout the show’s season.
Once collecting all sets of NFTs, collectors received prizes, including real-world and digital experiences.
OCTOBER 2021 (MASKVERSE)
The success of Masked Singer collectibles led Fox to creating a Masked Singer metaverse, MaskVerse.
MaskVerse is an online community for fans of The Masked Singer, NFT & art collectors. The metaverse gives collectors the opportunity to join an exclusive community, build collections, and earn rewards.
OCTOBER 2021 (WWE)
Shortly later down the line (in the same month) Fox partnered with the wrestling powerhouse WWE to launch another collection of Fox Corp. NFTs under Blockchain Creative Labs.
The digital assets included content featuring famous wrestlers, iconic moments and signature live events.
To purchase such digital assets, collectors needed to create a digital asset using the Eluvio blockchain. Although, fans could also buy the collectibles using FIAT.
AUGUST 2022 (KRAP CHICKENS)
As a consequence of the success of Krapopolis, Fox dropped a bunch of NFTs dubbed “Krap Chickens” just last week.
The digital assets are characters from the TV show created last year, featuring 10,420 chicken NFTs produced and illustrated by Rick and Morty’s animators.
The NFTs sell for approximately $184-$330 worth of Ethereum each. The prices of the digital assets rise depending on the rarity of the characters.
WHAT’S NEXT?
Krapopolis continues to be Fox’s most successful project on-chain to date. Subsequently, the entertainment hub will give access to Krap Chicken collectors to enter its upcoming Krapopolis metaverse.
Fox reveals little information about its new Web3 space for now. Although, the metaverse is said to launch in 2023. So, keep your eyes peeled on NFT Lately’s Twitter for upcoming news.
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