Cryptocurrencies
Fox Creates $100 Million Fund for the Nonfungible Token Market
- New blockchain unit will sell and manage digital goods
- Dan Harmon’s ‘Krapopolis’ animated show is first project
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Fox Corp. is joining the list of investors and businesses pumping big money into nonfungible tokens, or NFTs, a type of digital file that can be bought and sold around creative works like pictures, music and videos.
The entertainment giant behind Fox News and the Fox broadcast network said Tuesday it’s launching a new fund for digital creators and seeding it with $100 million. The fund is part of a broader effort announced in May that includes a new business unit, Blockchain Creative Labs, that will sell and administer NFTs and other digital goods.