Is network TV the next playground for NFTs, with TV networks like Fox Entertainment and CNN getting into the NFT world with “Vault by CNN” and Miss Masky NFTs?
NFTs have exploded in popularity in recent months, and they are now finding their way into a variety of new industries. The use of NFTs is now being investigated in music, pop culture collectibles, movie releases, gaming, and a variety of other fields. It appears that NFTs are now making their way into broadcast television as well.
NFT Miss Masky
Fox Entertainment decided to dip its toe into the NFT waters in October 2021 with the release of “Miss Masky” NFTs. The collection was created in collaboration with Fox’s popular television show “Masked Singer.” The first NFT launch, conducted through their own website, provided 10,000 free “Miss Masky’ Genesis Edition NFTs. It comes as no surprise to anyone who has even a passing interest in NFTs that these sold out in less than 10 hours. Shortly after, they announced a second batch of NFTs.
Fox Entertainment’s foray into NFTs with the Miss Masky NFTs is no accident, and neither is the NFT’s price. The NFT launch firmly establishes the network as a new player not to be overlooked in the NFT marketplace. Furthermore, while the first Miss Masky NFTs were free, Fox is now selling “Mask Packs” for $20 each. To pique collectors’ interest, each pack contains three other limited edition “MaskVerse” NFTs.
The Blockchain Expansion of Fox Entertainment
The release of Miss Masky and the Mask Pack, as well as the launch of the MaskVerse website, is part of a new partnership with Bento Box Entertainment. Bento Box is an animation studio that formed Blockchain Creative Labs with Fox in order to find opportunities for NFT sales. The two are demonstrating their commitment to the project by contributing $100 million to a creators fund.
But Fox isn’t going away. In addition, the entertainment company recently acquired a minority stake in Eluvio, a blockchain app development and management firm. Eluvio is building the foundation for Fox’s new blockchain expansion. Furthermore, the company is responsible for the new “media wallets” that Fox intends for their new MaskVerse users to use to collect, sell, and trade NFTs.
The Eluvio Media Wallet is not your typical blockchain digital wallet. The Eluvio platform application serves as a cryptocurrency wallet as well as a personal user experience application. Users can view and ‘experience’ the NFTs in their wallet, regardless of the media format. These can be short clips, still images, long-form videos, and other formats.
“This wallet is built for everybody to be able to use… Hopefully, it will allow people… to enjoy the benefits not only of crypto and blockchain technology but also to be active participants in owning their own media. Fox plans to build not only on ‘The Masked Singer’ media property but across their entire business… This is why Fox has made such a deep investment into this area. They do absolutely believe that the commercial opportunity associated with NFTs is so significant that it will reshape the future of the industry.” Michelle Munson, Eluvio’s CEO/co-founder.
CNN has entered the world of TV NFT.
Fox isn’t the only major network that sees money in blockchain technology. CNN has decided to enter the NFT market as well, with their new “Vault by CNN.”
CNN Vault is a new venture for the Atlanta-based news organization. Users can collect pivotal moments in history as told by CNN in NFT form via the Vault. Users can “own a piece of history” by viewing Presidential elections, space discoveries, and CNN exclusives.
For years, people have saved newspaper clippings from historical events such as the moon landing, JFK’s assassination, and Nixon’s resignation. CNN believes that moving this to the blockchain is simply the next step in the hobby’s evolution.
“Our NFTs are a platform for digital experiences that spark conversations around the events we cover and the impact they have on us all… We find that our collectors buy our NFTs for a variety of reasons… Some love the art. [Others] have a personal connection to the moment. Some just love CNN and our coverage of those moments.Jason Novack, CNN senior director of emerging products
CNN has sold six different historical moments as NFTs on their Vault Platform so far. These include election coverage, advances in human rights and technology, and foreign wars. They do, however, promise that there will be more in the future.