According to professional wrestler and actor John Cena, fans only bought 7.4% of the World Wrestling Entertainment. These nonfungible tokens (NFTs) he made accessible last month.
John Cena Says NFT was a mistake
Cena claimed it was a mistake to promote his WWE NFTs as part of a package containing tangible collectables. The collectable contained a hat, shirt, wristbands, belt, towel, signed photo, and the digital collectable. At Florida Supercon 2021 on Sept. 12. The group provided 500 $1,000 gold tier packages with the NFT, but it sold only a small percentage.
“I talk a lot about failure,” Cena added, “and this concept failed”. “I and the WWE believed $1,000 was a reasonable pricing point. We were mistaken. We were completely incorrect.”
Why did it fail?
Cena and WWE issued two tiers of NFTs for the wrestler: a 24-hour auction of a “John Cena Platinum NFT” and 500 limited editions NFTs the next day as part of the bundle above of tangible collectables. The platinum NFT allegedly sold for $21,000. Additionally, with the highest bidder receiving VIP seats to WrestleMania 38 in Dallas or WrestleMania 39 in Los Angeles, as well as hotel accommodations.
Long before the rise in popularity of NFTs, the WWE veteran pushed the crypto sector on social media. He posted a photo of the actual token before the 2017 Bitcoin (BTC) bull run when the price was $4,000s. The Undertaker, a retired professional wrestler who was a member of the WWE until 2020, has also appeared in NFT collections.
It’s unclear if the NFT’s price — Cena estimated the digital artwork to be worth around $500 — or the tangible souvenirs put off wrestling fans. In July, an entrepreneur held simultaneous auctions for an Apple co-founder Steve Jobs job application and an NFT. The actual paper sold for $343,000, while the NFT received a final offer of 12 Ether (ETH), or $27,460 at the moment.
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