Thursday, January 27

The NFT ring welcomes wrestling fighters from the United States

Key facts:
  • The NFTs will be developed on the Eluvio blockchain, an Ethereum sidechain.

  • These tokens will give access to multimedia material with iconic wrestling moments.

The stars of WWE wrestling have found a new ring to give their battles: the blockchains. Thanks to an alliance with Fox Entertainment and Blockchain Creative Labs, a marketplace for non-fungible tokens (NFTs) of American wrestling will be launched.

The trade agreement was announced yesterday, October 27, through a release set of all the parties involved.

“We know that the passionate community of WWE fans will love owning authentic digital products throughout the creative universe of the organization, from stars past and present to classic moments that define culture,” reads the text.

Details the press release that collectible tokens will include multimedia material on iconic moments; events like WrestleMania and SummerSlam; and outstanding athletes both past and contemporary.

There is still no information available on the release date, although it was anticipated what the launch date will be. blockchain in which these tokens will be developed: Eluvio. This blockchain has already been used by Fox for other NFTs, a fact that was reported by CriptoNoticias last August.

Eluvio: the Ethereum sidechain that will be home to these NFTs

As explained in the website by Eluvio, it is an Ethereum side chain, so it is compatible with the Ethereum Virtual Machine (EVM). This feature allows to develop smart contracts and tokens on the chain.

They report that does not use mining but what they call “proof of authority”, something quite similar to the proof of stake, with validator nodes. This leads, according to the company Eluvio, that its blockchain is “fast, ecological, standards-based and flexible for the rapidly evolving future of technologies and currencies.”

In the case of the NFTs, they detail that the minting of the tokens is automatic and, by design, there is no need to pay “gas”. It differs in this from other blockchains such as Ethereum or the Binance Smart Chain, which do charge a fee for executing this task.

Finally, another characteristic of Eluvio is that its native currency is the ether (ETH), just like in Ethereum. This can be verified by examining a block explorer of this chain. Through centralized or decentralized bridges, those interested in acquiring sidechain-developed NFTs can convert their Ethereum ETH into Eluvio ETH. There is no need to acquire a special token with its own accounting and price variation.

The NFTs will give access to multimedia material with the best moments of WWE wrestling. Source: YouTube.

Mexican wrestlers will also have their NFTs

WWE (World Wrestrling Entertainment) is the largest wrestling company in the world. The shows it offers are not real sports competitions but choreographed fights. The company, founded in 1950, defines its product as sports entertainment with roots in sports and theater.

Despite its long history and the economic power of that company, WWE is not a pioneer in the field of exhibition wrestling. The oldest company in the business is the Mexican Consejo Mundial de Lucha Libre (CMLL), which was founded in 1933.

In addition to getting ahead of this show, CMLL took the initiative – albeit for a few days – to enter the world of NFTs. As reported by CriptoNoticias, a couple of weeks ago the Mexican corporation announced that it would launch collectible tokens with the best techniques of its fighters.