WWE is the latest entertainment company to catch NFT fever.
The wrestling entertainment producer has signed an exclusive, multi-year agreement with Fox Entertainment Blockchain Creative Labs to launch an NFT Marketplace for licensed WWE Digital Tokens and Collectibles.
Under the pact, WWE said it would create TVN that celebrate the company’s entire catalog of digital assets, including iconic moments, WWE Superstars, and events like WrestleMania and SummerSlam. Details, including the name and launch date of the NFT marketplace, will be announced in the coming weeks, the companies said.
So what is an NFT, and why would anyone want to own one? In a nutshell, non-fungible tokens provide a way to authenticate ownership of unique pieces of digital content using distributed blockchain technology: NFTs are virtual collectibles similar to works of art in the world. real or baseball cards. The trend ignited earlier this year in the art, music and sports worlds. Since then, a growing number of studios, networks and TV shows have joined the NFT fray, including Fox Entertainment, ViacomCBS, Warner Bros. and CC, CNN, Lionsgate and “The Ellen Show.” (Same Variety launches into the NFT action.)
For media and entertainment companies, NFTs represent a new way to monetize their intellectual property as well as a new point of contact to keep fans invested (literally) in their brands. This isn’t WWE’s first foray into NFTs: in April, scheduled for WrestleMania 37, it dropped a set of non-fungible tokens highlighting the career of recently retired star The Undertaker.
The Fox / Blockchain Creative Labs deal allows WWE to “deepen our relationship with Fox, as we continue to explore new and creative ways to engage our passionate fan base,” said Scott Zanghellini, senior vice president WWE Strategy and Revenue Development, in a statement.
WWE and Fox have previously teamed up in five-year pact that moved “Friday SmackDown Live” from the United States to Fox Broadcasting from October 2019. The companies have stated that “SmackDown Live” on Fox will play a key role in promoting the NFT market to WWE fans.
To participate in the upcoming WWE NFT Marketplace, fans will first need to create a digital media wallet through Eluvio – the blockchain infrastructure provider in which Fox is an investor – which will allow collectors to buy NFTs via credit cards or cryptocurrencies, as well as to trade and sell them.
For Fox, the partnership with WWE marks Blockchain Creative Labs’ first content deal with non-Fox ownership. Earlier this month, Blockchain Creative Labs launched The MaskVerse, an NFT destination for Fox’s “The Masked Singer”.
“We know that WWE’s passionate fan community will love owning authentic digital goods in the organization’s creative world – from stars past and present to classic culture-defining moments,” commented Scott Greenberg, CEO of Blockchain. Creative Labs and co-founder / CEO of Bento Entertainment Box.
In June, Fox Entertainment and Bento Box Entertainment announced the formation of Blockchain Creative Labs. The company plans to launch a digital marketplace dedicated to Dan Harmon’s upcoming animated comedy, “Krapopolis,” which it says will be the first animated series to be fully curated on the blockchain.
Pictured above: Bobby Lashley (left) takes on Drew McIntyre at WWE WrestleMania 37