Dan Harmon to sell NFTs to Fox for First Blockchain Series: Krapopolis

The series, which has already broken the ground as the first fully-owned series by Fox Entertainment, is a financed scripted comedy set.

The series, which has already broken the ground as the first fully-owned series by Fox Entertainment, is a financed scripted comedy set.

The series, which has already broken the ground as the first fully-owned series by Fox Entertainment, is a financed scripted comedy set. The series will further venture into the unexplored territories for the television business. Dan Harmon’s “Krapopolis” is produced by Fox Entertainment-owned animation studio Bento Box Entertainment. It is the first-ever series curated on Blockchain as Fox and Bento Box enter the NFT business. The network also announced that the show will tap the market of digital goods and tokens ranging from NFTs of one-of-a-kind character and background art, and GIFs that offer exclusive social experiences to attract and recompense super fans.

After co-creating the wildly popular “The Adventures of Rick and Morty”, Krapopolis is one of Harmon’s biggest solo projects.

The main attraction of the series is its connection to Blockchain and NFT technology. Fox’s plans for “Krapopolis” were divulged as part of its initial presentation to advertisers, where Fox promoted its upcoming television show for brands to consider.

The Story behind “Krapopolis” Launch

Fox studio announced to launch the Blockchain series which will carry forward Fox’s legacy of bold stories and truth-telling characters. Fox believed to deliver the audience with stories that touch and reflect the cultural moment. Fox held on to the belief of creating series that speaks to the Americans with themes of reinvention and second chances. Fox further announced that this series is a presentation of its acquisition of free-ad-focused Tubi that has allowed it to expand its broadcast offering, bringing scale across streaming, without any subscriptions. They strategized this acquisition to strengthen their relationship with the audience and advertising partners.

“Krapopolis” is aimed to generate interest among fans through NFTs, non-fungible tokens, which are one-of-a-kind of digital goods that are coined under the same technology that creates cryptocurrencies, Blockchain. “Krapopolis” unsheathes its themes from Greek mythology, and will whirl the characters and artwork around NFT collectibles.

Laid in mythical ancient Greece, “Krapopolis” is staged on a flawed family of humans, gods, and monsters that seek to run one of the world’s cities without having killed each other.

Fox Entertainment to Strengthen NFTs Trade

The NFT market has had an untamed trot since the end of the last year when the NBA started selling Top Shot cards, which are collectible virtual basketball moments. NFT artwork has traded Ethereum, a cryptocurrency similar to bitcoin, worth million dollars.

Fox Entertainment, by testing the technology, has dismantled the concerns about the NFTs bubble around the uncertain asset. Fox Entertainment’s interest in technology shows there are mainstream returns in the market.

Many creators and artists are viewing NFTs as a considerate way to get their money for their art, and Hollywood is seen dipping its legs into the market. While trading NFTs requires a great deal of computing power which comes with an environmental cost, Dan Harmon’s “Krapopolis” acts as a normal online storefront, like a roadside stand, that comes with a certificate of authenticity.

Advertising agencies, media companies, and brands have been trying to turn up consumer-facing uses for NFTs. CEO of VaynerMedia also launched VeeFriends, offering 10,225 NFTs based on his character creations, raising more than $20 million in the first 24 hours. The project by Gary Vaynerchuk was aimed to showcase the possibilities for using the technology to engage the fans and build intellectual property through the Blockchain.

Media agencies have started considering NFTs as a means to distribute content online in a more secure manner. NFTs creators build terms in the contracts, that govern the sale of digital content, which allows them to claim future profits when their NFTs are resold.

How do NFTs Work?

Game cards and traditional artworks like paintings are valuable since they are one of their kind. Although digital art files can be duplicated effortlessly countless times, NFTs artworks can be “tokenized” to create a digital certificate of ownership that can be bought and sold.

A record of who owns what is stored on a shared ledger known as the Blockchain, just like crypto-currency.

The records cannot be falsified since the ledger is maintained by thousands of computers around the world. NFTs also carry smart contracts that may give the artist a share of any future sale of the token.

NFTs Growth in the US Market 

Earlier in mid-April, The New York Stock Exchange (NYSE) announced that it would launch its first trade NFTs to memorialize the primary trade on the public markets. Spotify made its debut in the trade representing NYSE’s first class of NFTs.

Spotify’s first trade carried out the inaugural direct listing on the exchange. In a direct listing, the debutant marks its presence by selling its existing shares directly to the public instead of bringing in intermediaries. To flag a company’s debut, the NYSE processes more than 350 billion orders, quotes, and trade messages across its markets on its busiest days.

Other than Spotify, NYSE’s NFT offerings include Snowflake, Unity, DoorDash, Coupang, and Roblox collectively forming the largest initial public offering of 2021 so far. With this, NFTs are in vogue this year, along with the rise in the values of digital currencies, like bitcoin and Ethereum. The market has shown rapid growth with some digital collectibles being sold for millions of dollars.

Wrapping Up

Despite having sold their artworks for millions of dollars, the record-breaking artists thought NFTs to be a bubble. But NFTs seem to strengthen their roots in the trade market with bigger fishes like Jack Dorsey, CEO of Twitter, promoting the tokens with his first-ever tweet, bidding at $2.5 million. With the rising scale of the tokens, Fox Entertainment has made a smart decision tapping on the market with its first-ever financed series providing a new dimension to entertainment and the television industry.

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