Web3 Adoption Is 'Inevitable,' Blockchain Creative Labs CEO Says
Blockchain Creative Labs, a Los Angeles-based company owned by Fox entertainment, is looking to dive deeper into the future of Web3. The platform has already been experimenting with non-fungible tokens (NFTs) and Web3 experiences, and it is now looking to find ways to create content and distribute it on Fox’s platform, all while taking baby steps, according to the company’s CEO.
“We believe we can leverage the Fox platform to teach people what it means [for] them to value a digital good [and] the value of an NFT,” Blockchain Creative Labs CEO Scott Greenberg said during an interview with CoinDesk at NFT.NYC.
The Web3 native platform launched with a tie-in with the Fox prime-time series “The Masked Singer,” releasing NFT packs via the MaskVerse, which lets users purchase collectibles using a credit card or crypto.
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Those efforts were followed by IRL experiences at music festivals like South by Southwest.
In June of last year, Fox tapped Greenberg, who was then the CEO of animation studios Bento Box Entertainment, to lead the network's efforts to develop “Krapopolis,” an animated series that would live entirely on the blockchain.
The partnership also marked Fox’s commitment to NFTs, placing $100 million behind the project. “Krapopolis,” derived from “Rick and Morty,” will air next fall on Hulu, Greenberg said.
NFT holders of “Krapopolis” will have gated access to videos and be able to view behind-the-scenes archives as well as potentially get a chance to view early episodes and early shopping at exclusive merchandise stores.
Read more: Fox TV Puts $100M Behind Its NFT-Driven Blockchain Experiment
This, however, isn’t the platform’s first venture into Web3. In October of last year, shortly after its MaskVerse launch, it inked a deal with World Wrestling Entertainment (WWE) to launch a WWE NFT marketplace that would cater to licensed WWE tokens, including collectibles.
Now, nearly eight months later, Greenberg told CoinDesk it would be launching Moonsault, which will include flips, or classic moments, for the WWE community, on the WWE marketplace.
On July 1, the creative lab is planning to launch another NFT and WWE adjacent event centered around “Money in the Bank,” but details remain unclear.
Moreover, earlier this year, the studio launched a player's token in a partnership with the U.S. Football League. On June 24, the lab debuted a “team token.” Users who participate have the opportunity to buy tokens that are released by the players.
“The great thing about these tokens is the majority of the revenue goes to the players,” Greenberg said. “Over 50% will go to the player'' while Fox will receive less than 50%.
When asked whether people are ready to interact with Web3, Greenberg notes that it is "inevitable" and points to people ages 18 to 34 as an example of the next generation of users who will lead that shift.
Still, Greenberg adds that there is a lot of fear and misunderstanding, and the platform’s efforts are meant to ease some of that gray area. “What we want to do is be the adult in the room,” he said.
He added that the platform’s projects are meant to show consumers the value and protection that NFTs and Web3 can provide. The wide range of projects will live on multiple blockchains, Greenberg added, including Eluvio as well as layer 2 solutions like Polygon that live on the Ethereum blockchain.
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