Fox has announced the first project for its new Blockchain Creative Labs unit.
Starting Wednesday, fans of the FOX reality series The Masked Singer will be able to purchase non-fungible tokens for digital collectables tied to the show in the new "MaskVerse" NFT marketplace.
Also read: Can Fox Mine Digital Gold In NFT Wild West With Eluvio Investment?
The MaskVerse will sell NFTs to various collections of digital images of "masks" from the show to consumers who have set up a digital wallet through blockchain tech company Eluvio. Fox has yet to disclose what it might charge for these etherial tstatskis.
Fox says The MaskVerse is designed to make buying, selling and trading of digital goods via NFTs more accessible and intuitive to mainstream consumers, while adhering to technical principles important to crypto enthusiasts.
The MaskVerse will be rolled out in multiple stages, beginning Wednesday, when fans and collectors will be able to claim a free NFT of “Miss Masky,” The Masked Singer's digital mascot that appears both on-air and across social media. Throughout this season, “The MaskVerse” will release, or “drop,” Mask Packs that include character cards from The Masked Singer and will unlock a marketplace for fans to purchase and sell cards to complete their sets, as well as additional premium and unique digital merchandise.
Over the summer, Fox announced an investment--yes, a strategic one--in blockchain technology company Eluvio, while also announcing a new unit specializing in blockchain, tied to its Bento Box unit.
NFTs use the non-centralized network technology known as Blockchain to create ownership certificates of digital properties. The scheme is a boon to creative companies like Fox, which for decades have watched helpless as digital assets to their creations traded freely on the open internet, without monetization.
NFT's provide Fox a way of establishing ownership of these digital properties and getting paid for them.
