It’s not often high-profile public figures describe their own projects as “catastrophic”. But John Cena’s NFT failure was described that way exactly by the wrestling star himself.
The actor and World Wrestling Entertainment (WWE) legend offered fans 500 ‘gold tier package’ non-fungible tokens last month. The John Cena NFTs cost $1,000 each. When the sale ended, fans only snatched up around 7.4%.
So, why was the John Cena NFT collection such a failure?
Well, the jury is currently out as to whether the NFTs were too expensive, or just ill-conceived. On the one hand, Cena has suggested the estimated value of the digital artwork was around $500. Simply put, a mark-up of 100% may have deterred some from snapping up the assets.
However, John Cena’s NFTs also came with physical items which may also have had an impact. Owners received some simple clothing alongside the digital offering. The package included a physical belt, hat, shirt, wristbands, and autographed picture. However, it clearly wasn’t enough to convince investors.
“I talk a lot about failure — this idea failed,” Cena told an audience at Florida Supercon 2021 on 12th September. “Myself and the folks in the WWE thought $1,000 was a fair price point… We sold 37 of them. It was a catastrophic failure.”
But Wait, There’s More
John Cena’s NFT failure certainly sends a clear message to other creators — think very carefully about what non-fungible tokens you are selling. More so, why you are selling them at all. What added value do the assets actually provide the owners?
However, it’s important to note that not every part of the project bombed. A single ‘John Cena Platinum NFT’ was also put up for sale. It finally went for $21,000. The token included a VIP package for the forthcoming WrestleMania 38 in Dallas, Texas, with accommodation.
Considering there’s a Reddit thread in which someone claims to have seen tickets to a pro-wrestling event in Anaheim, California, priced at $9,000 for ringside seat alone you can see comparative value for money in the NFT.
Of course, Reddit is referring to ticket resales — which are notorious when it comes to inflated prices. Thankfully, though, NFTs may be on the cusp of putting an end to crazy-expensive ticket resales, as platforms like NFT Ticket Explorer prove.
Looking for more wrestling-related NFT news? Read about Konan’s NFT collection celebrating legendary Lucha Libre wrestling moments.