In a nod to rival platforms like NBA Top Shot, WWE plans to mine its back catalog to tokenize iconic moments and superstars from the past and present.
World Wrestling Entertainment has announced that it plans to launch an NFT marketplace featuring digital tokens and collectibles.
The multi-year deal is the first deal that Blockchain Creative Labs, a company part-formed by FOX Entertainment, has formed with an external brand.
In a nod to rival platforms like NBA Top Shot, WWE plans to mine its back catalog to tokenize iconic moments and superstars from the past and present.
Consumers will then be able to buy, trade, sell and store their digital tokens.
The name of the marketplace, as well as when it’s going to launch, remains under wraps. But WWE’s senior vice president Scott Zanghellini said:
“Blockchain Creative Labs has quickly become a leader in the space with an incredible executive team that truly understands the NFT arena and its tremendous potential. This new partnership allows us to deepen our relationship with FOX, as we continue to explore new and creative ways to engage our passionate fanbase.”
And Scott Greenberg, the CEO of Blockchain Creative Labs, predicted that the “passionate” WWE community will be keen to get their hands on the upcoming crypto collectibles, adding:
“Our NFT studio is all about enabling fans to own NFTs and tokens that carry utility and social clout directly from the creators and brands they are passionate about, spanning animation, sports, shows and movies to music, books, art, pop culture and every other Web3-powered media asset you can possibly imagine.”
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Big Things Coming
FOX Entertainment threw itself into the world of NFTs earlier this year through a collaboration with Bento Box Entertainment.
As well as forming a brand-new company, the big-money deal also resulted in a $100 million creator fund being established.
So far, Blockchain Creative Labs has launched a dedicated site where NFTs related to hit show The Masked Singer can be purchased.
Tokens are available in “mask packs” that cost $20 apiece, and a marketplace means that they can be traded with other fans.
Those who successfully get their hands on the entire collection will be able to unlock a whole new range of rarer masks.
In a move that could be crucial for future adoption, NFTs on “The MaskVerse” can be purchased using credit cards as well as cryptocurrencies.
A degree of familiarity is also provided through a voting game that enables viewers to predict which characters will be eliminated in each show.
FOX Entertainment isn’t the only legacy brand to jump feet first into the space.
ViacomCBS, which owns the rights to beloved shows including Star Trek and SpongeBob SquarePants as well as dozens of channels, is also planning to launch a marketplace of its own next year.
