Professional wrestler and actor John Cena has revealed that his WWE NFT series has been a failure. It is reported that only about 7% of its tokens have been sold since the series became available last month.
A catastrophic failure
John Cena has said at the 2021 Florida Supercon that it was a “mistake” to market the WWE NFTs. The organization reportedly offered 500 gold packages for $1,000 each. Reportedly, only 37 of these were sold. John Cena said the following about this:
“I talk a lot about failure – this idea has failed. Myself and the folks in the WWE thought $1,000 was a fair price. We were wrong. We were all wrong. We have sold 37 of them. It was a catastrophic failure.”
Multiple levels in packs
In the end, it was decided to release 2 levels of NFTs for the wrestler: a 24-hour auction of a ‘John Cena Platinum NFT’, and the 500 limited edition NFTs. The platinum NFT reportedly sold for approximately $21,000. The highest bidder will receive VIP tickets including accommodation for WrestleMania 38.
John Cena has promoted the crypto space before, even before the NFT hype. For example, before the Bitcoin (BTC) bull run 2017, when the price was in the $4,000 mark, he tweeted a photo of the physical token.
It’s currently unclear whether wrestling fans were put off by the price of the NFT, or just the physical collectibles. Cena himself estimated the digital artwork at about $500.