16/06/2021 Fox to Invest $100 Million in Making NFTs Despite Market Crash

The NFT market may have recently plummeted 90 percent, but Fox is "hodling" on to its plan.

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.

The move comes on the heels of a recent market crash in the NFT space, with transaction volume plummeting 90 percent in April. Since the crash came in tandem with a roughly 40 percent drop in Bitcoin prices (which, in turn, dragged down the entire crypto market), it was unclear whether the crash reflected a loss of interest in NFTs in particular or was mirroring the volatility of the crypto market in general, or a bit of both. According to CNBC, overall NFT sales went from a seven-day peak of $176 million in May to $8.7 million on June 15.
Yet many remain extremely bullish on the technology’s long-term prospects — including Fox.

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.

BCL’s first focus will be creating NFTs for Rick and Morty co-creator Dan Harmon’s upcoming Ancient Greece-set animated series Krapopolis from “day one” and “right up through premiere night in 2022.” Krapopolis is billed as “the first animated series to be curated entirely on the blockchain” with “NFTs of one-of-a-kind character and background art and GIFs, as well as tokens that provide exclusive social experiences to engage and reward superfans.”

Fox’s current animated series (including crown jewel meme king The Simpsons, pictured above) are not yet on board with Fox’s NFT project, but sources say the company is, quite naturally, open to working with them. A series like Bob’s Burgers is more likely to get on board quickly, as Bento Box produces that series along with some other Fox content.

“The emergence of blockchain technology has given birth to a new marketplace that is a natural extension of Bento Box’s talents; one that allows the team to support, elevate and reward innovators and artists in new and creatively exciting ways,” said Charlie Collier, CEO of Fox Entertainment. “Our new company, Blockchain Creative Labs, also under Scott and Bento Box, will help shape and grow the fast-evolving world of creatively led digital goods and tokens.”

An NFT is a digital asset that represents art, music, videos and other real-world items. They’re typically bought and sold with cryptocurrency. Each is considered one-of-a-kind even if it can be copied (for instance: The “disaster girl” meme has been reproduced countless times online, but the woman in the photo recently auctioned off an NFT of her meme for $500,000).

The appeal of NFTs is that the owner holds what might be considered a definitive digital “official” version of an item that can then increase in value and be traded with others – like electronic baseball cards. Some are skeptical about NFTs, however, noting that they have no intrinsic value, do not exist in any physical form and only have value if many others in the future agree they have value.


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Smile to Shreds, Neon Gwen
The First KayPikeFashion Mint Ever. Ever feel so joyful and were grinning so hard you felt you could split in half? That punk rebel yell of glee when you pull of a particularly refined stunt? This is the paint of dreams, fangs and neon. Hellish and hard to pull off. I was able to with this work quietly paint a sweet inner tale of childhood influences, rat fink and autobody shops. All while pretending to paint gwenom for the audience. More on that in bonus material. This is my alternate animation made specifically for crypto art collectors. It will only ever exist in this format. You get the Shiny, unused in media verified image. More on that in the bonus material. Mixed Media: Bio/Digital. Glycerin on 5'9" human skin 10-14 hours Performance art. Shot on Canon EOS RP. 16 + hours Photoshop and DaVinci Resolve. All Works are SFW. Art has been Seen on the front page of Reddit, Featured in the New York Times, Galileo.tv, and multiple other promotions including Twitch.tv, Disney Interactive, RIOT games, WB games, AMD and more! More on how this art is unique and potentially explosive in the NFT world: https://youtu.be/CXbNF2Y6srs ------------------------- The purchase of this NFT Grants the buyer unique bonus material. Physical Mail Bonus Package: A verified physical Art Print. Autographed from the artist in 12x16. Please allow a few weeks for delivery. Digital Bonus Package: This image in .mp4. An "About the Art" Video and an "From the Artist" introduction. A README.txt about the artwork with some personal notes and Links relevant to the artwork.
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Aloha! My name's Franky Mcgillicutty. I once peed on Martin Luther King Jr.'s cat. They had it coming. I once licked a chimpanzee. I don't like to talk about it. Our friendship will be petulant, prickly, and full of cereal.