• John Cena calls his NFT sale a ‘catastrophic failure’

  • Professional wrestler and actor John Cena says fans have only purchased 7.4 percent of the World Wrestling Entertainment, or WWE, non-forgeable tokens (NFTs) he offered last month.

    Cena said at the Florida 2021 Supercon that selling his WWE NFTs as part of a physical collection – hats, shirts, wristbands, belts, towels, autographed photos and digital collectibles – was a mistake. The organization offered 500 gold-level packages with NFTs for $1,000, but only a fraction of them sold.

    “I talk about failure a lot – the idea failed,” Cena said.” Myself and the WWE guys thought $1,000 was a fair price point. We were wrong. We were absolutely wrong.”

    He added.

    “We sold 37 pieces. It was a catastrophic failure.”

    Cena and WWE released two tiers of NFTs for the wrestling star: a 24-hour auction for the “John Cena Platinum NFT” and 500 limited edition NFTs the next day as part of the aforementioned physical collectible package. The Platinum NFT sold for $21,000 and the highest bidder won VIP tickets to WrestleMania 38 in Dallas or WrestleMania 39 in Los Angeles – with accommodations.

    The WWE veteran touted the cryptocurrency space on social media long before the NFT’s popularity surged. Before the 2017 Bitcoin (BTC) surge – when the price was around $4,000 – he tweeted a photo of the physical token. Retired pro wrestler The Undertaker, who was part of WWE until 2020, has also appeared in the NFT’s collection.

    It’s unclear whether wrestling fans were scared off by the NFT’s price – Cena himself estimated the digital artwork to be worth about $500 – or simply because of the physical collection. In July, an entrepreneur auctioned off both a job application from Apple co-founder Steve Jobs and an identical NFT. the physical paper ended up selling for $343,000, while the final bid for the NFT was 12 Ether (ETH), which was around $27,460 at the time.

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