- World Wrestling Entertainment plans to auction off a set of NFTs themed around wrestler The Undertaker.
- An auction for the highest-tier "Platinum" NFT will start at $10,000.
WWE is getting in the ring with NFTs.
American media company World Wrestling Entertainment (WWE) will launch a series of non-fungible tokens themed around famous wrestler The Undertaker ahead of its upcoming WrestleMania event, according to a press release shared with Decrypt.
Billing the NFT drop as an "opportunity to own a digital piece of history," Nick Khan, president and CRO at WWE, added in a statement that, "This will also allow WWE to deepen our connection with the WWE Universe during our biggest event, WrestleMania."
NFTs are blockchain-based crypto tokens that represent ownership deeds to other assets, and can’t be replicated. As such, NFTs can be minted as one-offs or in small batches, creating scarcity and value for digital content including images, video clips, and music.
WWE’s collection (or "drop") will consist of four tiers of NFTs featuring The Undertaker, real name Mark William Calaway. Auctions for "Platinum" and "Gold" editions—both presented as one-of-a-kind tokens—will begin on April 10 and last for 37 hours.
Per the announcement, the highest bidder for the "Platinum" tier will receive a "one-of-a-kind NFT" featuring The Undertaker, as well as two front-row tickets to a WrestleMania event in 2022 or 2023, accompanied by VIP access and hotel accommodations. Additionally, the winner will receive a personalized video message from The Undertaker and an original Paul Bearer urn signed by the "undead" wrestler. Bidding will start at $10,000.
The contents of the "Gold" NFT, which will start at $5,000, are mostly the same, except the winner will be able to choose two tickets to a Monday Night Raw or Friday Night SmackDown event in 2021 or 2022 and will receive a signed "Undertaker Legacy Championship Title Belt" instead of the urn.
Sales of "Silver" (37 tokens in total) and "Bronze" (two NFTs) tiers will be evenly split between April 10 and April 11. Buyers of each silver token will yet again receive a limited edition NFT featuring The Undertaker as well as a pair of signed side plates for a WWE Championship Title Belt (but not the belt itself, WWE clarified). These will be sold at a fixed price of $1,000.
Finally, two "Bronze" tokens will be on sale for just 15 minutes each, at a fixed price of $100. Their contents are unclear, except that both are "unique NFTs."
The NFT boom
WWE is merely the latest brand to board the NFT hype train, with interest in non-fungible tokens booming over recent months. Google searches for NFTs have approached the level of ICO searches in 2017, while web traffic to NFT marketplaces increased by 430% on average last month.
Public awareness has been propelled by headline-grabbing NFT art sales like the $69 million sale of a digital artwork by Beeple—though the majority of Americans who have heard of NFTs aren't prepared to pay more than $99 for an NFT representing their favorite artist or sports team.
Even so, some experts have pointed to signs of a bubble for NFTs at the mass consumer end of the market.