Fox Corporation is developing deep roots into the NFT ecosystem and the company’s recent strategic venture proves it. The U.S mass media business corporation Fox recently invested in digital content management company Eluvio. The current strategic investment plan will help Fox Corporation to develop its own nonfungible token business.
The investment by the Fox Corporation fulfills the luvio’s Series A funding round at a valuation of $100 million. Eluvia’s business model uses blockchain technology to manage, distribute, and monitoring the company’s content.
As per the new agreement, Eluvia will provide the same services to Fox Entertainment’s and Bento Box Entertainment’s newest NFT powered business. These sorts of strategic partnerships have provided a new dimension to the usage of blockchain technologies.
More and more companies are now relying on blockchain technologies which means blockchain framework is as effective outside the crypto world. In mid-June, Fox Media Corporation invested in Hollywood animation-oriented studio Bento box. Fox Corporation invested $100 million to launch Blockchain Creative Labs, to help content creators, intellectual property owners, and advertising partners as well. The blockchain solutions were meant to develop the NFT framework for trading purposes.
Eluvio’s Content Fabric blockchain protocol will allow the owner to control the distribution and monetization of the digital content. It is a step where blockchains technology would help to control the digital medium and its flow. This will allow Fox to attract a wider range of digital content creators on a larger scale. It will also enable the companies to use NFT based digital framework to publish a wide range of content.
Eluvio’s blockchain is also famous and widely recognized as an environmentally friendly blockchain as it does not use the electricity source in abundance. The popularity of the decentralized system is more popular among digital consumers.