Fox Entertainment is the latest major media company to get into the non-fungible token (NFT) game, teaming with Blockchain Creative Labs to launch “The MaskVerse,” an NFT marketplace for the singing popular competition series The Masked Singer.
The move is being called the first major NFT initiative for broadcast TV. The “MaskVerse” is both a marketplace for digital collectibles as well as a community for The Masked Singer. It will also include a game powered by Eluvio’s “eco-friendly” blockchain.
The MaskVerse marketplace is designed to make buying, selling and trading digital goods related to The Masked Singer “more accessible and intuitive” to viewers and everyday consumers, while adhering to technical principles important to crypto enthusiasts. The MaskVerse will offer Masked Singer fans an exclusive NFT destination, to build a collection of limited-edition digital masks for every character from all six seasons of the series, as well as the chance to unlock surprises and other exclusives.
The MaskVerse will be rolled out in multiple stages. Throughout this season, it will release “Mask Packs” that include character cards from the show and will unlock a marketplace for fans to purchase and sell cards to complete their sets, as well as additional premium and unique digital merchandise. Beginning in November, fans and collectors will be able to play a voting game to predict which characters will be eliminated in each of the final six episodes of the season, with the chance to win the opportunity to buy Gold Mask Packs that grant access to exclusive prizes and status.
To participate in The MaskVerse, fans will have to create a secure digital media wallet through blockchain company Eluvio that will act as a digital vault and enable collectors to purchase NFTs with credit cards or cryptocurrency. It also will allow fans to trade or resell their cards within the virtual marketplace of “The “MaskVerse” as well as transfer NFTs to third-party wallets interoperable with Ethereum standards. Participants will also get access to exclusive Discord communities managed via token-gate access by Blockchain Creative Labs’ community partner, Collab.Land.
Earlier this year Fox and Bento Box Entertainment entered the NFT business with the formation of Blockchain Creative Labs. Last month, Fox made a strategic investment in Eluvio to accelerate the adoption of the company’s blockchain platform across the broader media and entertainment industry and provide the underlying technology platform for Blockchain Creative Labs.
Fox isn’t alone in getting into the NFT business. ViacomCBS recently announced its own plans to enter the space via a partnership with NFT startup Recur to launch a “fan-focused platform” featuring the company’s “iconic IP and cherished franchises” in spring of 2022, though no details about which properties will be involved were released. ViacomCBS did say the NFTs will include its range of brands, including BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and Showtime.