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WWE NFTs are exclusive digital tokens that can't be found anywhere else.
NFT stands for non-fungible token. It's being touted as the digital answer to collectables. According to the BBC, it's a "one-of-a-kind" asset in the digital world that can be bought and sold like any other piece of property, but has no tangible form of its own.
NFTs are becoming increasingly popular, and WWE is making a move to give the WWE Universe its own version. So far, the company has released NFTs for The Undertaker and John Cena, putting both opportunities up for auction.
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Following the release of The Undertaker NFT prior to WrestleMania earlier this year, WWE President Nick Khan discussed the historical moment:
"WWE’s first-ever NFT collection presents an opportunity to own a digital piece of history featuring The Undertaker, one of the most iconic Superstars in sports entertainment. This will also allow WWE to deepen our connection with the WWE Universe during our biggest event, WrestleMania," Nick Khan said (h/t WWE.com)
According to Bitski, the John Cena / SummerSlam 21 Platinum NFT sold for $21,000. Meanwhile, the John Cena / SummerSlam 21 Gold NFTs are still available for $1,000.
How are NFTs doing outside WWE?
Around the world, NFTs are selling for millions of dollars. Earlier this year, an animated GIF of Nyan Cat (a flying pop-tart cat) sold for more than a whopping $500,000. It's big business, and it's understandable why WWE wants to be involved.
When speaking on the Pardon My Take podcast, WWE Executive Triple H said:
"Those are things, as technology changes and those opportunities become available, it's always things that we're looking at. Vince has a big philosophy of not wanting to be the first person to jump into the pool, but you also don't want to be the last. In some ways, we're tailor-made for [NFT] rather than some random dunk in the NBA. Our moments are iconic. It's what we do, we create iconic moments that live forever. I don't necessarily fully understand [NFT] and it's something we look at and have a lot of people in our company that are a lot smarter than me that are looking at them constantly." (h/t Fightful)
Times are changing and things are becoming more digital. Don't be surprised to see WWE launch more opportunities to leverage their iconic moments in the near future.
Which NFTs should WWE make? And would you buy one? Let us know in the comments!
