Mainstream media companies are dabbling with non-fungible tokens as the cryptocurrency adoption reaches an all-time high.
CNN has announced an NFT project, starting in June, that will see the sale of iconic moments of journalistic history.
Fox has also announced the allocation of $100 million in funding to support the growth of NFTs.
2021 has been a terrific year for NFTs as the market cap skyrockets and new records are broken.
Non-fungible tokens took the world by storm in 2021 as the world witnessed their meteoric rise in popularity. In the first quarter of 2021 alone, more than $200 million were spent on NFTs, and these unique tokens have manifested as a wide range of items such as photos, videos, and digital files.
Mainstream media firms like CNN and Fox are the latest to get in on the NFT trend, with CNN launching an NFT project to commemorate iconic historical events. Fox, for their part, will be supporting the growth of NFTs through the allocation of a fund totalling $100 million.
CNN and NFTs
CNN has joined the ranks of top organizations that have embraced the utility of NFTs. It has done so through the launch of an NFT project named “Vault by CNN: Moments That Changed Us.”
As the name implies, the project will involve the tokenization of iconic moments from across contemporary history.
Although CNN has remained tight-lipped about which specific moments will be digitized as NFTs, analysts believe that expected themes include world history, presidential elections, and world records.
Taking heed of recent discourse on climate change, CNN will utilize the Flow blockchain for the minting of NFTs. It should also be noted that user purchases will not be limited to cryptocurrencies, as credit card transactions will also be available.
The project is expected to launch towards the end of June and drops will be divided into six weekly iterations.
On the Flipside
CNN claims that the NFT bubble might be “bursting already,” stating that their popularity has peaked.
The declaration comes in the wake of the record-breaking $69 million sale of Beeple’s NFT art at Christie’s auction house.
More recently, the meme image representing Dogecoin was sold as an NFT for $4 million.
Fox’s $100 Million Fund
Mainstream media firm Fox has announced the launch of a $100 million fund to stimulate NFT growth. The fund will be managed by NFT company Blockchain Creative Labs to further enable content creators to “build, launch, manage and sell” NFTs.
According to the CEO of Blockchain Creative Labs, Scott Greenberg, the project has “Entrepreneurs at the core” and joining forces with Fox leaves them perfectly poised to bring “exciting offerings to the digital goods, token and NFT marketplace.”
It is clear that an animated series will receive a line of NFTs, but there is speculation as to which series will have the opportunity. Industry experts have been quick to name Fox’s show ‘The Simpsons’ as the ideal show to get its own line of NFTs, which already features multiple references to cryptocurrencies, with one particular episode in 2020, guest starring Jim Parsons, prominently featuring cryptos.
Fox and CNN are not the only media firms to have dipped their toes in the NFT market, as Time Magazine had already waded into the space, launching ten tokenized magazine covers. The sales of these covers have generated over $300,000.
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