philip lelyveld The world of entertainment technology

Why Fox Is Investing Millions in NFTs and Blockchain Technology

Fox Corp. operates the only one of the four major U.S. broadcast networks that isn’t tied to a major direct-to-consumer subscription streaming play. The company also is the only one among its peers that has launched a dedicated Web3 and NFT division.

Those two things are related, says Charlie Collier, CEO of Fox Entertainment. ( https://theorg.com/org/fox/org-chart/charlie-collier )

“We have a competitive advantage in building a business on the blockchain,” he says. “We’re able to invest in that, instead of having a vertically integrated SVOD [subscription video-on-demand] service; we are not spending billions of dollars on content and focusing on churn.” ...

Last year, Fox established Blockchain Creative Labs, a venture housed in its Bento Box Entertainment animation division. BCL’s mandate: to create, launch, manage and sell non-fungible token content and experiences as well as other digital goods. ... The long-term vision for BCL is to enable new business models for content distribution and consumer engagement — cutting out the streaming-platform middlemen and, someday, allowing fans to literally own a piece of their favorite TV shows. ...

The next big test of Fox and BCL’s blockchain ambitions comes with “Krapopolis,” a new animated comedy set in the mythical world of ancient Greece from Dan Harmon, co-creator of “Rick and Morty” and “Community.” Ahead of the show’s premiere sometime in 2023 on Fox, BCL has launched krapopolis.com.

The inaugural collection of “Krap Chickens” went on sale Aug. 11, priced in Ethereum cryptocurrency equivalent to $184-$330 apiece at the current exchange rate. The NFT buyers get exclusive access to a range of perks, including token-gated access to content and private screening rooms, invitations to online meet-and-greets with cast and producers, exclusive first-look access to upcoming NFT drops, and the ability to vote on elements that will be included in the show (say, an episode’s end-credits song). ...

See the full story here: https://variety.com/2022/digital/news/fox-nft-blockchain-1235342878/