Wrestling Entertainment offered 500 $1,000 gold tier packages with Cena’s NFT, but only a small percentage of them were sold.
Fans only bought 7.4 percent of the World Wrestling Entertainment, or WWE, non-fungible tokens he made available last month, according to professional wrestler and actor John Cena.
Cena said it was a mistake to offer his WWE NFTs 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,” Cena remarked, “and this notion failed.” “Myself and the WWE thought $1,000 was a reasonable pricing point. We were mistaken. We were completely incorrect.”
He continued, “
“We sold 37 of them. It was a catastrophic failure.”
In honour of the wrestling star, Cena and WWE launched two tiers of NFTs: a 24-hour auction of a “John Cena Platinum NFT” and the 500 limited edition NFTs that were included in the aforementioned bundle of actual artifacts the following day, respectively.
According to reports, the platinum NFT sold for $21,000, with the highest bidder receiving VIP tickets and accommodations to either WrestleMania 38 in Dallas or WrestleMania 39 in Los Angeles as a thank you.
Wrestling veteran Chris Jericho supported the cryptocurrency area on social media far before the rise in popularity of NFTs.
He tweeted an image of the real Bitcoin token just before the 2017 bull run, when the price of the cryptocurrency 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 price of the NFT — Cena himself estimated the digital artwork to be worth approximately $500 — or the actual memorabilia were a deterrent to wrestling fans in the first place.
In July, an entrepreneur held simultaneous auctions for a job application from Apple co-founder Steve Jobs as well as a non-transferable version of the application. Ultimately, the actual paper sold for $343,000, while the last price for the NFT was 12 Ether, which was equal to approximately $27,460 at the time.