Wrestling Entertainment offered 500 $1,000 gold tier packages with Cena NFT, but only a small percentage of them were sold.
Fans only bought 7.4 percent of the World Wrestling Entertainment (WWE) non fungible tokens (NFT) that he made accessible last month, according to professional wrestler and actor John Cena.
Cena said it was a mistake to offer his WWE NFT as part of a package including physical collectibles a hat, shirt, wristbands, belt, towel, autographed picture, and the digital collectible — at Florida Supercon 2021 on Sept. 12. The group provided 500 $1,000 gold tier packages with the NFT, but only a small percentage of them were sold.
“I talk a lot about failure — this idea failed,” said Cena.
“Myself and the folks in the WWE thought $1,000 was a fair price point.
We were wrong. We were absolutely wrong.”
“We sold 37 of them. It was a catastrophic failure.”
Cena and WWE produced two tiers of NFT for the wrestler: a 24-hour auction of a “John Cena Platinum NFT” and 500 limited edition NFT the following day as part of the aforementioned bundle of physical collectibles. The platinum NFT reportedly sold for $21,000, 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 NFT, the WWE veteran supported the crypto realm on social media. He shared a picture of the physical token before the 2017 Bitcoin (BTC) bull run, when the price was in the $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 whether the NFT price, Cena estimated the digital artwork to be worth around $500 , or the actual memorabilia put off wrestling fans.