By Lucas Williams
As per the latest reports, the Fox Corporation has made an investment in the cryptocurrency firm known as Eluvio. The Fox Corporation is reported as a mass media company based in the United States, while Eluvio is a management firm for digital content.
The sources reveal that the investment made by the Fox Corporation into Eluvio is a strategic investment. With the investment made into Eluvio, the Fox Corporation is getting into the business of developing non-fungible tokens (NFTs). With Eluvio’s help, Fox Corporation will be proceeding with the design and development of the non-fungible tokens.
The announcement in regards to Fox Corporation’s investment for a particular purpose was made on August 25, 2021. The investment made by Fox Corporation was for Eluvio, which helped the firm conclude its Series A funding round.
The data shows that from the particular funding round, Eluvio was able to generate $100, which is quite a large amount in the crypto-sector. Ever since Eluvio’s launch, it has garnered tremendous success from monetizing, distributing, and managing premium-level content. The firm has been doing it through the blockchain network.
Eluvio has revealed that throughout its funding round, it received a lot of backing from Fox Entertainment as well as another firm known as Bento Box Entertainment. According to Eluvio, the investments were made by both companies for the support they needed for the designing and creation of NFTs. Eluvio has revealed that they are also aiming to launch a creative unit for cryptocurrencies.
It was back in mid of June 2021, when it was announced by Fox Entertainment that it had partnered with an animation studio in Hollywood. The sources later revealed that the name of the particular studio was Bento Box, which is an animation studio in Hollywood.
Fox Entertainment announced that after partnering with Bento Box, they have launched a new platform named Blockchain Creative Labs. The firms revealed that they have invested $100 million in a particular project, which would act as a creative division.
With the help of the platform, several spaces such as advertising partners, intellectual property owners, and content creators would be able to interact with the blockchain network. They will be able to use them in order to do anything with NFTs, which involves selling, managing, launching, and building them.
Furthermore, Eluvio has also launched an open protocol blockchain network, which is known as Content Fabric. With the help of the network, the users can create content, which makes them the owner of the storage. Additionally, the users also get to monetize, distribute, and store digital content and even scale them.
Through the network, the users can also gain access to file-based as well as live content. The users can also be performing mining of the non-fungible tokens with support from smart contracts.
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Obviously, nothing that companies do is for free. They know where they need to invest and when to invest. And if the timing is wrong, then it’s all in vain.
Both companies have a name for themselves. They are capable of doing wonders. I have the feeling that they will achieve a milestone together.
Fox Corporation is a well-known company. If it has partnered up with Eluvio, then it will be very beneficial for Eluvio.