Almost every industry under the sun has started to notice non-fungible token (NFT) technology and on Wednesday, media and entertainment company World Wrestling Entertainment, Inc., also known as WWE, announced the launch of ‘an exclusive NFT market. According to the announcement, the marketplace will produce licensed WWE digital tokens and collectibles that showcase WWE Superstars and iconic moments.
WWE plans to kick off Smackdown with NFT collectibles
On October 27, Fox Entertainment and Bento Box Entertainment revealed that the companies had signed an exclusive agreement with publicly traded media and entertainment company WWE (NYSE: WWE). The professional wrestling society was founded in 1953 and is currently the largest wrestling promotion globally with over 450 events held annually.
For years, the company owned by Vince McMahon was known as the World Wrestling Federation (WWF) but changed its name in 2002 to WWE. The three entertainment companies plan to launch a dedicated marketplace for WWE licensed Non-Fungible Tokens (NFTs) and NFT collectibles. The collaborative effort will see the creation of “Authentic NFTs that celebrate the company’s entire catalog of digital assets.”
NFTs to feature Summerslam, Wrestlemania, Iconic Moments and WWE Superstars
WWE Superstars will be featured alongside top events, such as Summerslam and Wrestlemania. According to the announcement, WWE NFTs will be powered by Eluvio’s blockchain technology in the same way as the NFT marketplace “The Masked Singer”. The WWE NFT Marketplace will launch in the near future and a release date and market name will be released to the public in “the next few weeks.”
The announcement also states that Eluvio will authenticate WWE’s NFTs and that they will be “interoperable between Ethereum and other blockchains.” Scott Zanghellini, WWE senior vice president of strategy and revenue development, explained that the partnership helps strengthen WWE’s relationship with Fox Entertainment. “This new partnership allows us to deepen our relationship with Fox, as we continue to explore new and creative ways to engage our passionate fan base,” Zanghellini said in a statement.
The deal with Fox and WWE is the two companies’ second partnership, as the two formed an earlier bond in 2019 when Fox Sports began broadcasting the WWE show “Friday Night Smackdown,” which airs weekly. . Smackdown shows “will play an important role in promoting the market to WWE fans,” the announcement details. Users will need to take advantage of a digital wallet provided by Eluvio in order to participate in WWE NFT promotions.
How do you feel about WWE’s media and entertainment company teaming up with Fox and Bento Box to deliver official WWE NFTs? Let us know what you think of this topic in the comments section below.
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