WWE Launching New NFT Marketplace

WWE put out a press release on Wednesday confirming that it will be teaming up with Blockchain Creative Labs (an NFT business created by FOX Entertainment and Bento Box Entertainment) on a multi-year partnership for a new NFT marketplace centered around the sports entertainment company. The release read, "WWE (NYSE: WWE) and Blockchain Creative Labs, the new non-fungible token (NFT) business and creative studio formed by FOX Entertainment and Bento Box Entertainment, today announced an exclusive multi-year agreement to launch an NFT marketplace for licensed digital WWE tokens and collectibles. The partnership marks Blockchain Creative Labs' first-ever content alliance with an external property beyond FOX. In collaboration with Blockchain Creative Labs, WWE will create authentic NFTs that celebrate the company's entire catalog of digital assets, including its most iconic moments, past and present WWE Superstars and premier events, such as WrestleMania and SummerSlam. Powered by Eluvio's eco-friendly blockchain technology, the marketplace will serve as a hub for consumers to purchase, trade, sell and store digital tokens that will be authenticated through Eluvio's blockchain and will be interoperable across Ethereum and other blockchains. The marketplace's name and launch date will be announced in the coming weeks."

The release later noted — "To participate in the WWE NFT marketplace, fans create a secure and easy-to-use WWE digital wallet through Eluvio that acts as a vault and enables consumers to purchase collectibles using traditional currency or cryptocurrency."

Scott Zanghellini, WWE's Senior Vice President of Revenue Strategy & Development, commented in the release by saying "Blockchain Creative Labs has quickly become a leader in the space with an incredible executive team that truly understands the NFT arena and its tremendous potential. This new partnership allows us to deepen our relationship with FOX, as we continue to explore new and creative ways to engage our passionate fanbase."

WWE had already dipped its toe into the world of NFTs involving The Undertaker and John Cena, though the latter admitted the NFT package that was released during SummerSlam was a "catastrophic failure." Fans were given the chance to buy a special package of Cena-related merchandise that included a hat, shirt, wristbands and armbands related to Cena's Super Mario Bros. 3 inspired gear along with a limited edition NFT, an autograph from Cena and a Signature Series WWE Championship spinner belt. Unfortunately, the package was priced at $1000 and Cena recently said only 37 of the 500 packages were sold.