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Fox invests in blockchain

Fox, the Murdoch-owned US broadcaster, plans to increase its investment in blockchain technology by introducing more NFTs (non-fungible tokens) and digital collectibles for its shows and franchises.

Fox invests in blockchain

Fox entered the blockchain market back in May becoming the first major TV studio to have a blockchain division, Blockchain Creative Labs, headed by Fox Corp executive Scott Greenberg.

At the time Greenberg said, “Our longstanding relationships within the creative community allow us to harness this technology to bridge together brands and producers with fans in new and interesting ways, and we’re looking forward to seizing this opportunity.”

With regards to the recent news about introducing more NFTs and digital collectibles, Greenberg said the Murdoch-owned group sees "a huge opportunity in tokenising content" and that it is “a revenue generating business."

Citing the success of gaming companies like Fortnite parent Epic Games and Roblox, he also noted, "there's a notion of creating digital economies around brands that we think that can apply."

"Imagine earn-to-watch," he said. What the gaming world has shown is that "you can turn your time spent into earnings."

Fox CEO Lachlan Murdoch publicly acknowledged the new business to investors on Wednesday. "We are very pleased with the early results of our investment in Blockchain Creative Labs," he said on an earnings call.

The investment, Murdoch said during the earnings call, "further highlights the marketing power of the Fox broadcast network to drive new businesses and the creative and entrepreneurial spirit of all of us here at Fox."

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