John Terry’s NFT collection plummeted 90% in value last month, dropping the average price of the Ape Kids Football Club to just £ 49.
- John Terry has been very active in promoting the NFT collection.
- But they are said to have plummeted in value last month
- Other players are said to have lost confidence in the controversial plan
John Terry’s collection of non-fungible tokens (NFTs) dropped nearly 90% in value last month.
The Chelsea legend has been very active in promoting his “Ape Kids Football Club” collection in recent months.
However, Athletic reports that its value has dropped significantly.
John Terry’s NFT collection was reported to have plummeted in value last month.
They were aiming for an average price of $ 656 (£ 497 after launch on February 2nd), but by March 8th the average price had dropped to $ 65 (£ 49).
It is also said that many players, such as former Chelsea Ashley Cole and Tammy Abraham, have lost confidence in the controversial plan.
Decreased value means that anyone who is prompted to buy an NFT because the sports star has approved the NFT can lose a huge amount of money.
Terry was asked to remove the Premier League trophies and Chelsea badges, but regularly promotes NFTs on his Twitter page.
The Premier League is said to be considering its own official NFT partnership, which may be worth “millions of dollars”.
In January, the Premier League contacted Terry and instructed them to remove the Premier League trophies from NFTs due to intellectual property law.
Terry was also asked to remove the Chelsea badge and the FA and UEFA trophies from the “Ape Kids Football Club” collection.
Ashley Cole and Tammy Abraham allegedly lost confidence in the controversial plan
Non-fungible tokens are a form of digital assets based on blockchain technology that underpins cryptocurrencies such as Bitcoin and Ethereum.
They are seen as a modern example of trading goods like stickers and clothing, but face criticism from those who feel they are enriching wealthy people and hurting sports fans. ..
It is said that there has been a “general downturn” in the cryptocurrency and NFT markets over the last few weeks. This isn’t about 90%, but it could explain some of the dip.