Fox Entertainment is entering the non-fungible token (NFT) sector. The content producer will launch an animated series alongside NFTs of the animation on a dedicated marketplace.
The show is Krapopolis, an animated comedy set in mythical ancient Greece. It was created by Emmy-Award winner Dan Harmon and will be produced on Fox’s animation studio, Bento Box.
NFTs of characters, background art, and GIFs will be commercialized on the marketplace developed specifically for Krapopolis. Tokens that can be exchanged for social experiences will also be available. This is the first animated series to be curated on blockchain.
Another novel aspect is producing NFTs while creating a new fanbase. To date, most collectible NFTs have involved turning animated characters into NFTs based on established fanbases keen to own the content they admire. SEGA’s Sonic, Mattel’s Barbie, and non-animated NFTs such as Topps’ MLB collectibles can attract strong interest because they already have loyal consumers. Krapopolis, on the other hand, will be attempting to commercialize digital features of the series while acquiring a dedicated enough fan base to invest in the abstract ownership of NFTs.
That is not to say the project won’t be a tremendous success. CryptoPunks were unknown when launched, and a collection of 9 recently auctioned for $17 million at Christies’. Krapopolis may face the same initial challenges as it establishes itself on the market. But, just like CryptoPunks, it also has the advantage of being the first-of-its-kind, which might get the attention of NFT enthusiasts who can potentially become devoted fans of the show.
It will be interesting to see whether the associated NFTs become an integral aspect of the series’ success or simply an added feature.