Pro wrestler John Cena calls his NFT sale a 'catastrophic failure'

Professional wrestler and actor John Cena said fans bought only 7.4 percent of the World Wrestling Entertainment (WWE) non-fungible token (NFT) he offered last month.

On Sept. 12, at the 2021 Florida Supercon, Cena said that selling his WWE NFT as part of a physical collectible — hats, shirts, wristbands, belts, towels, signed photos, and digital collectibles — was a challenge. mistake. The organization offered 500 gold-level suits with NFTs for $1,000, but only a fraction sold.

"I talk about failure a lot, the idea failed. Myself and the WWE guys thought $1,000 was a reasonable price point. We were wrong. We were totally wrong," Cena said.

He added:

"We only sold 37 sets. It was a catastrophic failure."

The wrestling star and WWE released two tiers of NFTs: a "John Cena Platinum NFT" for a 24-hour auction, and a 500-unit limited-edition NFT auction the next day as part of the aforementioned physical collectibles. The Platinum NFT is reportedly going for $21,000, and the highest bidder will win VIP tickets (with accommodations) to either WrestleMania 38 in Dallas or WrestleMania 39 in Los Angeles.

Long before the popularity of NFTs exploded, the veteran WWE wrestler was promoting the crypto space on social media. Ahead of the 2017 bitcoin bull run — when bitcoin was trading around $4,000 — he tweeted a photo of the physical coin.

It's unclear whether wrestling fans are intimidated by the NFT's price or simply by the price of the physical collectible, with Cena himself estimating the digital artwork to be worth roughly $500. In July, an entrepreneur auctioned off a job application from Apple co-founder Steve Jobs and its corresponding NFT at the same time. The physical paper job application ended up selling for $343,000, while the final bid for the NFT was 12 ETH, which was around $27,460 at the time.

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