World Wrestling Entertainment (NYSE:WWE) has signed an agreement with Blockchain Creative Labs, to launch a non-fungible token (NFT) marketplace for licensed digital WWE tokens and collectibles, the company announced Wednesday.
Blockchain Creative Labs is a new NFT business and creative studio owned by FOX Entertainment and Bento Box Entertainment.
Blockchain Creative will work closely with WWE to create NFTs capturing memorable moments in wrestling, including WWE Superstars and events such as WrestleMania and SummerSlam.
In order to take part in the WWE NFT marketplace, fans will need access to the WWE digital wallet through Eluvio which will then allow them to purchase collectibles using traditional currency or cryptocurrency.
In a recent note, Citi said WWE, video game publisher Activision, FormulaOne Group, Discovery Inc, ViacomCBS are expected to benefit from NFTs.
“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,” said Scott Zanghellini, WWE Senior Vice President, Revenue Strategy and Development.