John Cena calls his WWE NFT sale ‘a catastrophic failure’
John Cena, a professional wrestler and actor, has said in a recent event that fans have only purchased 7.4 per cent of his WWE, nonfungible tokens (NFTs), which had been made available last month.
At Florida Supercon 2021 on September 12, Cena addressed the WWE NFTs saying it had been a mistake to market those as a package along with physical collectibles like wristbands, hats, autographed pictures, digital collectibles, towels, shirts and belts. The organization had initially offered 500 gold tier packages along with the WWE NFT at $1,000, but only a fraction of them was sold.
Only 37 of the total got sold, leading Cena to tag it as “a catastrophic failure.”
Cena admitted to talking “a lot about failure,” saying that this idea of his team had failed and they were wrong to think “$1,000 was a fair price point.”
Cena with WWE had launched two tiers of NFTs comprising a 24-hour auction of a “John Cena Platinum NFT” and 500 limited edition NFTs as a package with the physical collectibles the very next day. The platinum NFT was sold at $21,000, where the highest bidder received VIP tickets, including accommodations to choose from between WrestleMania 38 in Dallas and WrestleMania 39 in Los Angeles.
Cena had been promoting cryptocurrencies on his socials long before it hit peak popularity over NFTs. Before 2017’s Bitcoin (BTC) bull run happened, and the price was around $4,000s — he had tweeted a picture of the physical token.
The Undertaker, now a retired professional wrestler, who was a part of the WWE until 2020, has also been featured in the NFT collections.
It is yet unclear whether wrestling fans were deterred by NFT’s price. Cena himself had estimated the digital artwork should have been worth around $500 or should it just be the physical collectibles.