WWE Ties Up With Fox Entertainment to Go Big on NFTs

Oct 27, 2021 | Decrypt News | 0 comments

Just in time for Survivor Series, WWE and Bento Box Entertainment announced today the launch of a new line of NFTs in a multi-year deal with Blockchain Creative Labs.

Launched earlier this year by Fox Entertainment, Blockchain Creative Labs previously released an NFT line based on the popular singing competition, The Masked Singer, earlier this month. Like those NFTs, the WWE collectibles are also on the Eluvio blockchain.

In June, Fox Entertainment announced it had invested $100 million in its new blockchain division. The WWE NFT drop is the first one from Blockchain Creative Labs that is based on a property not owned by Fox Entertainment. The WWE entered into a five-year media and broadcasting deal with Fox in 2018.

An NFT is a unique type of token that can be used to represent ownership in a digital item. In this case, each of these tokens will be tied to images of past and present WWE Superstars, events like Wrestlemania and SummerSlam, and other iconic moments. The NFTs will be listed on the WWE’s NFT Marketplace.

According to Fox Entertainment, fans will need to create a digital wallet through Eluvio that will act as their NFT vault. Fox says fans can purchase collectibles using debit cards, credit cards, and cryptocurrency.

Fox is evidently intent on making a big push into the NFT market, and it could be just the start of the WWE’s involvement in the space as well. “This new partnership allows us to deepen our relationship with FOX, as we continue to explore new and creative ways to engage our passionate fanbase,” said Scott Zanghellini, WWE’s senior vice president of revenue, strategy, and development, in a press release.

The wrestling entertainment company had previously dabbled with NFTs earlier this year, releasing Undertaker collectibles ahead of Wrestlemania in April. Those NFTs are currently available to trade on OpenSea.

News Source from Decrypt.co

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