Earlier this month, Ocean publicly revealed that his first love was a man, prompting an array of responses from fans and fellow artists.
Foxx told MTV News that he believes Ocean is "courageous" and could help many others who have been too afraid to open up.
"When I heard that he came out, I thought, 'Courageous, hooray for him'. It's just the beginning. I have several friends who live in darkness and live in fear, and it's just time," the Django Unchained actor explained.
"Elton John did it. For Frank Ocean to do it and be hip-hop and black, he's breaking ground, and kudos to him. At the end of the day, his music is for everybody."
Foxx continued jokingly: "Now when I put his music on, I am trying to get at the ladies. Frank, you are helping me out. You done left more for me, Frank."
Rapper 50 Cent recently voiced his support for Ocean, insisting that anyone who took issue with his sexuality is "an idiot".
> Adele congratulates Frank Ocean on new album, letter about sexuality
Watch Frank Ocean's video for 'Novacane' below: