For some time now, the NFT community has been aware that Fox planned on getting its feet wet in the space, but the details were a bit fuzzy. However, with a recent announcement, the television broadcast network famous for shows like Family Guy, Alter Ego, Call Me Kat, and The Masked Singer made their non-fungible token plans clear.
The Masked Singer Community Is Coming
In their announcement, Fox said that it will be launching its first set of NFTs tied to a celebrity singing competition known as The Masked Singer. Along with the NFT collection, the company plans on launching a marketplace and community known as MaskVerse, which will make it possible to buy, sell, and trade Masked Singer NFTs.
Masked Singer NFT Details
When you first sign up with MaskVerse, you’ll have the ability to claim a free NFT of the show’s mascot, “Miss Masky.” From there, the television network plans on releasing what’s known as Mask Packs throughout the season. These Mask Packs will cost $20 and come with three NFTs.
But the NFTs aren’t the only exciting part of MaskVerse.
According to Fox, if you complete the sets of NFTs, you’ll win prizes. Some of these prizes will be digital, likely offering exclusive content or rare NFTs, while others will be real-world rewards and experiences.
Through the MaskVerse, members of the community will also have the option to vote on the character they believe will be eliminated in upcoming shows. Those who guess correctly will have the option to buy Gold Mask Packs, which will come with NFTs that have a bit more rarity.
With community being one of the best parts of the NFT craze, Fox plans on making it possible for fans to chat in two ways, both in the MaskVerse, and on a dedicated Discord.
Fox’s $100 Million Bet on NFTs
As mentioned above, the NFT community has long been aware of Fox’s plans to get involved. In fact, in June, the company announced the creation of a $100 million project known as Blockchain Creative Labs in an effort to explore the industry.
Of course, the Masked Singer project is the first to come out of Blockchain Creative Labs, but it’s not likely to be the last. The next in the lineup will be an animated series curated entirely on the blockchain in Dan Harmon’s Krapopolis.
With this next project, the company plans on following along the same lines as The Masked Singer project, including the creation of a unique marketplace for buying, collecting, and selling Krapopolis NFTs. While Fox said that it also plans on rolling out more NFT-related projects in the coming months, the company didn’t give any details on what those projects might be.
Fox Is Just One of Several Major Entertainment Companies Jumping on the NFT Bandwagon
Fox isn’t the only major television network that plans on making waves in the NFT ocean. In fact, just yesterday, ViacomCBS announced that it plans on launching NFTs based on characters from Paramount Pictures, Comedy Central, CBS, and other networks owned by the company.
At the same time, Lionsgate made an announcement in July that it would be selling NFTs based on brands like Mad Men and John Wick as part of a partnership with Autograph, the same project that has grabbed the attention of star athletes like Tom Brady and Rob Gronkowski.
CNN is also a major network that jumped into the NFT craze. In fact, the company has been selling NFTs of its historic news for some time now.
The Bottom Line
The bottom line here is that NFTs have the ability to change entertainment as we know it. Throughout recent years, digital entertainment has been something you enjoy on a short-term basis, but never actually own. Now, with major networks realizing that their audience wants to own a piece of the history they create, the digital entertainment world is undergoing a fundamental shift.
NFTs are setting the stage for audiences to get more involved in the content they know and love while feeling a sense of satisfaction in the fact that they own a piece of intellectual property associated with their favorite brands. All told, the entertainment industry is changing and it’s happening fast.