World Wrestling Entertainment (WWE), an American integrated media and entertainment company mainly known for professional wrestling, announced the creation of non-fungible tokens (NFTs) inspired by 16-time world champion John Cena.
Scott Zanghellini, WWE senior vice president, stated:
“Summer of Cena will be capped off by a phenomenal main event at SummerSlam as well as an opportunity for the WWE Universe to own unique collectibles inspired by one of the biggest stars in Hollywood today.”
The digital collectables will be dropped just in time for SummerSlam, a professional wrestling pay-per-view event by WWE scheduled to start on August 21. The NFTs will include a 500 limited edition and will be sold along with memorabilia and experiences.
The launch will include a platinum tier auction, which will consist of a one-of-one exclusive NFT. Per the announcement:
“The top bidder for the platinum tier will receive a one-of-a-kind NFT; a once-in-a-lifetime experience for two at WrestleMania 38 in 2022; a personalized WWE Championship Title Belt; and John Cena’s “Dr. of Thuganomics” style chain.”
The booming NFT sector
The NFT sector has experienced an uptick in activities, given that the tokens offered are different from the typical ones because of fungibility.
NFT is a blockchain-based ownership digital asset, and its value is pegged on its uniqueness, given that the tokens are non-divisible and have to be bought in their entirety.
Therefore, these traits create intrinsic value for NFTs because of their limited supply.
Different industries have entered the NFT space. For instance, Coca-Cola recently launched its first-ever NFT collectables to honour International Friendship Day.
On the other hand, the sale of Stoner Cats, an adult animated short series sold in NFTs, clogged the Ethereum (ETH) network making hourly fees surged to $2.53 million. ETH has emerged to be one of the sought-after networks in the NFT sector.
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