Fox Corp Supports Eluvio Blockchain Platform Amid Digital Entertainment Push | New

Fox Corporation has invested in Eluvio, a platform that manages, distributes and monetizes premium content through the blockchain, as it seeks to accelerate the use of technology in the media and entertainment industry.

Michelle munson

The move follows Fox Entertainment’s plans to inject $ 100 million into a new business and creative unit focused on blockchain and non-fungible tokens (NFTs).

Blockchain is the ledger system that underpins cryptocurrencies like Bitcoin and enables transactions through them, while NFTs are unique assets in the digital world that can be bought and sold like any other. well, but without tangible form.

Following Fox’s investment in Eluvio, it will provide the underlying technology platform for Blockchain Creative Labs, Fox Entertainment and the NFT business and creative unit recently launched by Bento Box Entertainment.

Launched in 2019, Eluvio is led by technologists Michelle Munson and Serban Simu. Fox’s investment, details of which were not disclosed, marks the completion of Eluvio’s Series A at a valuation of US $ 100 million.

Paul Cheesbrough, chief technology officer and president of digital for Fox Corporation, will join Eluvio’s board of directors following the investment.

“At Fox, we believe that blockchain and the global transition to a more decentralized web offers creators a wealth of opportunities to reach consumers with exciting new experiences,” Cheesbrough said.

“We believe there is a great opportunity in tokenized media on the blockchain, which represents a new era in how technology and entertainment will advance each other,” said Scott Greenberg, CEO of Blockchain Creative Labs and co-founder and CEO of Bento Box Entertainment. .

“Fox, Blockchain Creative Labs and Eluvio share a common vision of the ability of blockchain and ‘smart’ assets to fundamentally change the way digital entertainment is created, controlled and distributed,” added Munson.

“We’re also particularly excited to be working alongside companies that are arguably unmatched in digital animation and multi-screen advertising.”

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