Fox Entertainment and WWE Ink Multi-Year Deal to Distribute Exclusive NFTs
Nearly every industry has begun to take notice of non-fungible token (NFT) technology, and on Wednesday, World Wrestling Entertainment, Inc., also known as WWE, announced the launch of an exclusive NFT marketplace. The market, according to the announcement, will produce licensed digital WWE tokens and collectibles featuring many superstars and iconic moments.
On October 27, Fox Entertainment and Bento Box Entertainment announced an exclusive agreement with WWE, a publicly traded media and entertainment company. The professional wrestling company was founded in 1953 and is now the world’s largest wrestling promotion, with over 450 events held each year.
For many years, Vince McMahon’s company was known as the World Wrestling Federation (WWF), but it changed its name to World Wrestling Entertainment in 2002. The three entertainment companies intend to open a marketplace for licensed non-fungible tokens (NFTs) and NFT collectibles. “Authentic NFTs that celebrate the company’s entire catalog of digital assets” will be created as part of the collaborative effort.
Summerslam, Wrestlemania, Iconic Moments, and WWE Superstars Will Be Featured in NFTs
The wrestling superstars will be featured alongside major events like Summerslam and Wrestlemania. The new NFTs, like the “The Masked Singer” NFT marketplace, will be powered by Eluvio’s blockchain technology, according to the announcement. NFT market will be launched in the near future and a release date and marketplace name will be disclosed to the public in the coming weeks.”
The agreement between Fox and WWE is the two companies’ second collaboration; the first was formed in 2019 when Fox Sports began broadcasting the WWE show “Friday Night Smackdown,” which airs every week. According to the announcement, the Smackdown shows will “play an important role in promoting the marketplace to many fans.” To participate in the NFT promotions, users will need to use a digital wallet provided by Eluvio.