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Fox Corp. and the WWE are teaming up to launch a marketplace that will sell non-fungible tokens (NFTs) based on the sports entertainment company’s catalog and intellectual property. The multi-year deal between the WWE and Fox makes the wrestling giant the first external partner to sign on to the company’s NFT efforts.
Fox’s Blockchain Creative Labs, which Fox launched earlier this year with a $100 million seed investment, will create the marketplace, with a name and launch date to come later. Some of the NFTs will be based on popular wrestlers, iconic moments, signature live events like Wrestlemania or other IP and will use the Eluvio blockchain, which Fox has invested in.
Fox and the WWE are already partners, with the Fox broadcast network airing Friday Night Smackdown every week.
Fox has been among the most aggressive traditional media companies in exploring the NFT space. In addition to the Blockchain Creative Labs, the network is launching an animated series, Krapopolis, which will be “curated” on the blockchain. Fox launched its first NFT offering through Blockchain Creative Labs earlier this month with a series of NFTs tied to the reality show The Masked Singer.
Other players in the entertainment industry have also been exploring NFTs. ViacomCBS announced plans to develop NFTs based on content from Paramount Pictures, Nickelodeon, MTV and its other brands, while Lionsgate is developing NFTs based on its IP like Saw and John Wick.
The Academy Museum of Motion Pictures, meanwhile, used NFTs based on its Pillar Award to raise money for its programming and education initiatives.
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