Fox Taps Eluvio as Platform for Recently Launched NFT Blockchain Creative Labs
Fox has made a strategic investment in Eluvio to accelerate the adoption of Eluvio’s platform across the broader media and entertainment industry. As part of the investment, the companies also announced that Eluvio will provide the underlying technology platform for Blockchain Creative Labs, Fox Entertainment’s and Bento Box Entertainment’s recently launched NFT business and creative unit.
Paul Cheesbrough, Chief Technology Officer and President of Digital for Fox Corporation, will also join Eluvio’s Board of Directors.
“At Fox, we believe that the blockchain, and the overall shift towards a more decentralized web, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences,” says Cheesbrough. “Michelle, Serban, and the Eluvio team are the best in the business when it comes to the software and scalable infrastructure required to power live, decentralized experiences across the blockchain and our investment will help bring this technology to a wider market of content creators, media partners and advertising clients.”
Launched in 2019, Eluvio is led by Emmy Award-winning technologists, Michelle Munson and Serban Simu, and the company’s Eluvio Content Fabric is an advanced, open protocol blockchain network purpose-built for owner-controlled storage, distribution, and monetization of digital content at scale. It provides live and file-based content publishing, transcoding, packaging, sequencing, dynamic and static distribution, and minting of derivative NFTs–all backed by blockchain contracts providing proof of ownership and access control. Eluvio LIVE, powered by the Eluvio Content Fabric, is a multi-tenant turnkey platform for publishers that provides 4K streaming and ticketing of events with media marketplaces. Fox Corporation’s investment marks the completion of Eluvio’s Series A round at a valuation of $100 million.
“We believe there is great opportunity in tokenized media on the blockchain, which represents a new era in how technology and entertainment will drive one another forward,” says Scott Greenberg, CEO of Blockchain Creative Labs and Co-Founder and CEO of Bento Box Entertainment. “The Eluvio team members are pioneers in the digital arena, and this strategic 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.”
Blockchain Creative Labs also selected Eluvio for its low environmental impact. Through a novel compositional and just-in-time protocol, the Eluvio Content Fabric does not make file copies and dramatically reduces the storage, network requirements, and latencies of traditional digital distribution systems; the Fabric’s blockchain avoids the computational energy consumption, and costs, of proof-of-work blockchains through its efficient proof-of-authority consensus and seamless combination of on and off chain transactions.
“We are incredibly honored and proud to have the backing of Fox as we embark on the next phase of growth and innovation at Eluvio,” says Munson. “FOX, Blockchain Creative Labs, and Eluvio share a common vision about the ability of blockchain and ‘smart’ assets to fundamentally alter how digital entertainment is created, controlled, and distributed. We’re also particularly excited about the opportunity to work alongside companies that are arguably second to none when it comes to digital animation and multi-screen advertising. Together, we have amazing things planned for 2021 and beyond.”
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. As such, Blockchain Creative Labs will launch a dedicated digital marketplace for Emmy -winning creator Dan Harmon’s upcoming animated comedy, KRAPOPOLIS, marking the first animated series to be curated entirely on the blockchain. The company will manage and sell digital KRAPOPOLIS goods, including 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 super fans. Set in mythical ancient Greece and centered on a flawed family of humans, gods and monsters that tries to run one of the world’s first cities without killing each other, KRAPOPOLIS is fully owned and financed by Fox Entertainment and will be produced by Bento Box. Additional news about Blockchain Creative Labs-driven content will be disclosed in the coming weeks.