Fox and ViacomCBS are expanding their Non-fungible Tokens (NFT) businesses by creating platforms to sell IP from shows such as The Masked Singer.
NFTs are effectively one-of-a-kind digital items that are part of the Ethereum blockchain. The format has gained popularity as a form of art collection and investment, with collectors purchasing NFTs of drawings, music and other digital items.
Masked Singer’s NFT debut
Fox Entertainment and US-based Blockchain Creative Labs have launched The MaskVerse, described as a marketplace that aims to make buying and selling of Masked Singer related NFT’s “more accessible and intuitive to consumers, while adhering to technical principles important to crypto enthusiasts.”
The platform will allow fans of the competition format to build their own collection of limited-edition digital masks for characters from the show’s six seasons in the US, as well as unlocking exclusive giveaways.
They will also be able to play games and win prizes, having first created a ‘digital media wallet’ through which they can buy NFTs via credit cards or cryptocurrencies.
It comes six months after Fox and Blockchain Creative Labs partnered with US animation studio Bento Box Entertainment to launch a $100m creator fund to identify growth opportunities in the space. A digital marketplace for Dan Harmon’s upcoming animated comedy Krapopolis is also in the works, which Fox said would make the show the first animated series to be curated entirely on the blockchain.
BET, CBS & MTV among NFT focus
ViacomCBS, meanwhile, is also creating a platform from which to sell digital assets associated with its brands including BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and Showtime.
The company will launch its NFT business in the spring of 2022, allowing fans to buy, collect and trade NFTs as digital products and collectables across ViacomCBS’ portfolio.
Fox and ViacomCBS are far from the first US media companies to see an opportunity in NFTs. The likes of Lionsgate, WWE and Fox Entertainment have all begun selling NFTs as a source of generating revenue.