As the non-fungible tokens (NFT) sector is constantly growing in size and adoption, even the sports and entertainment stars are unable to keep away from it. Therefore, the superstar from World Wrestling Entertainment (WWE), John Cena also made an attempt to benefit from the NFT space.
In order to benefit from the non-fungible token technology, John Cena went ahead and launched NFT for World Wrestling Entertainment. Although Cena had hoped that things would turn out to be more than expected, the actual results were completely opposite to them.
According to John Cena, it was reported that only 7.4% of the total NFTs were purchased by the fans. The rest of the NFTs were not purchased at all. The WWE NFTs was created and launched by John Cena in the month of August 2021.
It was at the Florida Supercon 2021 where John Cena talked about the NFTs that he had launched last month. The Florida Supercon 2021 had reportedly taken place on September 12, 2021. He stated that it was one of the worst business decisions/calls he made when he thought of selling non-fungible tokens alongside physical collectibles.
John Cena had reportedly launched NFTs as part of the packages where the fans could purchase the NFTs alongside other physical collectibles. These collectibles include autographed pictures, towel, belt, wristbands, shirt, and a hat.
When the offer was launched, the executives responsible for marketing and selling of products revealed that 500 gold-tiered packages were announced. These packages also carried a non-fungible token and the total price of the package was set at $1,000. Unfortunately, there were not many sales made for the gold-tiered package and only a fraction were sold in the process.
John Cena stated that he has always talked about success and failures. He has always considered failure as a learning part of life and he considers these NFTs as a learning aspect. He stated that he and the executives at the WWE thought that the package would work and would be a huge success.
Turns out, the expectations they had set were completely wrong and they had not studied the sentiments of their fans and went straight for the NFTs.
John Cena confirmed that out of the total 500 NFTs, they were only able to sell 37 of them. This means that after spending half a million on the packages, they were only able to generate $37,000.
John Cena confirmed that the platinum NFT they had up for auction was sold at a price of $21,000. He confirmed that the highest bidder even managed to receive VIP tickets for winning the bid.