By Jason Powell, ProWrestling.net Editor (@prowrestlingnet)
WWE issued the following press release on Wednesday to announce its NFT partnership with Blockchain Creative Labs.
STAMFORD, Conn. & LOS ANGELES–(BUSINESS WIRE)– WWE (NYSE: WWE) and Blockchain Creative Labs, the new non-fungible token (NFT) business and creative studio formed by FOX Entertainment and Bento Box Entertainment, today announced an exclusive multi-year agreement to launch an NFT marketplace for licensed digital WWE tokens and collectibles. The partnership marks Blockchain Creative Labs’ first-ever content alliance with an external property beyond FOX.
In collaboration with Blockchain Creative Labs, WWE will create authentic NFTs that celebrate the company’s entire catalog of digital assets, including its most iconic moments, past and present WWE Superstars and premier events, such as WrestleMania and SummerSlam. Powered by Eluvio’s eco-friendly blockchain technology, the marketplace will serve as a hub for consumers to purchase, trade, sell and store digital tokens that will be authenticated through Eluvio’s blockchain and will be interoperable across Ethereum and other blockchains. The marketplace’s name and launch date will be announced in the coming weeks.
“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,” said Scott Zanghellini, WWE Senior Vice President, Revenue Strategy & Development. “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.”
“Blockchain Creative Labs is excited to partner with WWE in launching its official NFT ecosystem. We know WWE’s passionate fan community will love owning authentic digital goods across the organization’s creative universe — from past and present stars to classic, culture-defining moments,” said Scott Greenberg, CEO of Blockchain Creative Labs and Co-Founder/CEO of Bento Box Entertainment. “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.”
To participate in the WWE NFT marketplace, fans create a secure and easy-to-use WWE digital wallet through Eluvio that acts as a vault and enables consumers to purchase collectibles using traditional currency or cryptocurrency.
Today’s announcement represents the second partnership between WWE and FOX. In October 2019, FOX Sports began to broadcast “Friday Night SmackDown,” which airs 52 weeks a year, live in primetime from 8:00-10:00 PM ET/PT, and will play an important role in promoting the marketplace to WWE fans.
Earlier this year, FOX Entertainment and Bento Box Entertainment entered the NFT business with the formation of Blockchain Creative Labs and a $100 million creator fund to identify growth opportunities in the space. In addition to the WWE NFT Marketplace, Blockchain Creative Labs recently launched “The MaskVerse” for FOX’s “The Masked Singer,” and will also launch a dedicated digital Marketplace for Emmy Award-winning creator Dan Harmon’s upcoming animated comedy, KRAPOPOLIS, marking the first animated series to be curated entirely on the blockchain.
Powell’s POV: The press release included the line about this being WWE’s second partnership with Fox. There have been a lot of questions about the company’s relationship with Fox. While this doesn’t answer all those questions, it seems like a good showing for the relationship between the two companies.