The WWE launched its own NFT collection. The organization decided to launch their first collection on the existing WWE marketplace Moonsault.
It’ll be launched before the annual WWE premium live event called “Hell in a Cell”.
On June 3, WWE Moonsault debuted its first official NFT collection in advance of the premium WWE live event. For this event, the company had joined hands with Blockchain Creative Labs. Over 10,000 limited edition pieces of ‘NFT flip’ were launched during the event.
These pieces were made available to the fans for $30, payable in traditional currency or cryptocurrency.
Read ahead as we understand more about WWE’s foray into NFTs and the parties involved.
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About the WWE NFT Collection
The WWE NFT collection was finally launched and made open to the public. WWE partnered with Fox Entertainment’s Blockchain Creative Labs to launch its first NFT collection on Moonsault, the organization’s own marketplace.
The limited-edition collection comprises 10,000 NFT ‘Flips’, with each one of them featuring a WWE Superstar in a Hell to Cell event, which will stream live in the United States on 5th June 2022.
WWE has decided to sell these NFTs in a case of three, which are randomized at the time of minting. It’s priced at $30 per case, which allows WWE to potentially make $100,000 from the sale.
After the Hell in a Cell, event concludes, each NFT will transform to reveal a 10-20 second video highlight of the WWE Superstar featured on the flip.
A Tribute to the Fans
The notion behind launching an NFT collection named after one of the signatures WWE moves is to create a sense of connection and nostalgia with the die-hard fans of the sport-entertainment program.
In the sport’s 25 year history, there have been many instances that have shaped it and etched it into the hearts of the fans. As mentioned, the reveal of each NFT into a 10-20 second video highlight can involve a number of instances that took place throughout WWE’s history.
WWE is looking forward to planning their drops around pay-per-view events on Moonsault itself. WWE also promised a free Moonsault Genesis NFT for the first 10,000 users who create a wallet on the marketplace. All of these were claimed within a few hours of the giveaway’s announcement.
Although, there are four more drops lined up during the year.
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What’s the Future of WWE’s NFT Ambitions?
WWE and Fox partnered last year to foray into opportunities in the blockchain space.
Since then, the two organizations have actively looked at the available avenues to launch their NFT collections and utilise the blockchain space. The two launched the NFT marketplace Moonsault on May 27 this year, and then the launch of the first collection on 3rd June.
WWE already has a roadmap ready for the drops moving forward in the NFT space. What’s even more strategic is, shielding the NFT drops with a pay-per-view event, which will prevent erosion of the NFT’s market value.
Who are Blockchain Creative Labs?
The partners here with WWE are Blockchain Creative Labs. The BCL is a unit formed by Fox Entertainment in 2021 which provides content creators, IP owners and advertising partners with end to end blockchain solutions to build, launch, manage and sell NFTs.
BCL also manages a $100 million creator fund, which forays into growth prospects and avenues in the NFT space.
In August 2021, Fox Corporation made a strategic investment in Eluvio, which has global expertise in managing, distributing and monetising premium content through blockchain. Eluvio will be providing the technology behind Blockchain Creative Labs.
Last year, BCL also launched “The MaskVerse”, which is an NFT platform for the singing show “The Masked Singer”.
Sports and NFTs: A Viable Partnership?
In recent years, NFTs have gained momentum. This momentum has allowed entertainment companies and sports leagues to capitalize on it.
What’s exciting and intriguing to see is how sports have been able to embrace the NFT space and how they will be innovating in it. Till the time fans are getting a unique experience out of collecting collectables they’ll be very much ready to invest in it.
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Whether it’s NBA Top Shots or UFC Strike, all of them promise an experience and something ‘extra’. For instance, the NBA recently offered two tickets to a game to select fans who could produce 12 unique NFTs.
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