Major Media Outlets Fox And CNN Are Entering The NFT Space

Major media outlets Fox and CNN are coming in on the NFT train as we saw in the past year top brands, sports teams, and celebrities investing and embracing the landscape so let’s read more in our cryptocurrency news today.

The traditional, major media outlets Fox and CNN are joining in as this week they announced they will be starting their own respective NFT projects. CNN announced that their first NFT project dubbed “Vault By CNN Moments That changed Us” will tokenize major moments in history but CNN was quiet about what these moments will entail so a majority of speculation led to topics like world records or presidential history. CNN will also leverage the Flow blockchain which is quite popular for NFT projects and will launch towards the end of June.

Fox, on the other hand, announced a $100M NFT fund and it will be aimed towards empowering creators to launch, build and manage NFTs. Fox Broadcasting is teaming up with Bento Box Entertainment for the project as well which is already a producer of Fox-televised shows. Speculation is also about regarding what sort of NFT projects could emerge from the media giant like the implementation of Fox IP like the Simpsons or something similar.

BBE was acquired by Fox in 2019 where Rick and Morty creator Dan Harmon will be leading a blockchain-related show titled “Krapopolis” while Fox and partners will leverage the ETH blockchain. Charlie Collier who is the CEO Of Fox Entertainment suggested that the new project will bring a new vertical to BBE’s line of business and said that the blockchain technology bolstered a “new marketplace” that is a natural extension of the Bento Box talents that no one allows the team to support.

What major media companies think of NFT is really hard to put a finger on so CNN has previously said that the NFT bubble might be bursting already despite all the projects and artists like CryptoPunks and Beeple yielding astronomical sale numbers. Fox and CNN are the first media major company to take a leap into NFTs with Time Magazine being the lone exception. Time however launched ten tokenized magazine covers earlier in the year that generated up to $300,000 in sales.