Last updated on November 24th, 2021 at 10:58 am
The sports industry seems to be getting more involved in the minting and sales of NFTs. NBA and basketballers have actively minted NFTs and some of them have sold for a lot. The Statue of LeBron was sold for $21.6 Million, which made it the most expensive NFT sold by a sports personality.
The WWE, and its wrestlers, decided to mint NFTs and sell to fans. John Cena was one of those that participated in the event. This wrestler is not only a household name in the World Wrestling Entertainment industry, but has grown to be loved as an actor and even a rapper.
One would have expected his NFT sales to go through the roofs, but the opposite was the case. He was able to sell only 7.4% of the minted NFTs and he stated that it was a “catastrophic failure”, during the Florida Supercon 2021.
According to the popular and decorated American wrestler, the dismal sale was linked to the way his WWE NFTs were marketed. It would have been better if the NFTs were not sold together with physical collectibles like autographed pictures, shirts, hats, towels, belts, and wristbands.
During the Florida SuperCon, John mentioned, “I talk a lot about failure – this idea failed. I 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.”
He also added that putting $1000 as the entry point for the gold packages may have also contributed to the failure of the sales. The NFT auction was divided into two: John Cena Platinum NFT and the gold package. As for the Platinum NFT, the highest bidder paid $21,000.
John Cena is not the only professional WWE wrestler that has released an NFT. WWE Hall of Fame member, Kurt Angle partnered with Lucha Coin to launch his NFTs. Lucha Coin has been known to partner with other wrestlers in the past apart from Kurt like Gail Kim, Angelina Love, as well as El Phantasmo.
If you would like to read more articles like this, follow DeFi Planet on Twitter and LinkedIn.
