Former Chelsea star NFT drops 90% in 30 days

About a period ago, John Terry launched his NFT collection, Ape Kids Football Club. But the task worth has dropped by astir 90% since then, according to a report from The Athletic.

John Terry’s NFT task drops from $656 to $65

When the crypto task was launched connected February 2, it was worthy $656 connected average. But its worth arsenic of March 8 was a paltry $65.

The driblet successful its worth comes with the subtle removal of its endorsement by erstwhile Chelsea players Tammy Abraham and Ashley Cole, who tweeted astir the project.

In January, Terry archetypal announced the task successful concern with Ape Kids Universe, claiming helium has signed arsenic the caput coach.

The collection, which seems to person been influenced by Bored Ape Yacht Club, contains 6626 NFTs. Each is simply a unsocial representation of a cartoonish kid quality with an ape caput successful a shot jersey.

While the task whitethorn look controversial, it rapidly garnered the enactment of immoderate of Terry’s erstwhile teammates, including Willian.

It has 2,445 holders truthful far, with galore buying it during its aboriginal days. Unfortunately, this means galore holders volition find it hard to merchantability present that worth has dropped by astir 90%.

This lawsuit further raises the question of the existent worth of NFTs and whether celebrities should beryllium allowed to usage their popularity for advertizing speculative assets.

Notably, the diminution successful the worth of AKFC coincides with erstwhile the wide NFT marketplace has witnessed a important driblet successful its involvement level and trading volume. This mightiness person played a salient relation successful the terms show of the collection.

Interestingly, it was precocious revealed that the English Premier League is successful treatment with immoderate crypto companies to contented its NFTs.

Football stars and their NFTs

John Terry won’t beryllium the archetypal shot subordinate to get progressive successful NFTs, but helium mightiness beryllium the archetypal to beryllium a cofounder connected a project. Several shot stars person had varying degrees of involvement successful antithetic NFT projects. For example, PSG star, Neymar jr, holds astatine slightest 2 BAYC NFTs.

Seven-time satellite champion subordinate Lionel Messi besides released NFTs postulation of himself connected Ethernity and launched the Messiverse. The collection, which includes 4 NFTs, sold for $3.4 cardinal connected its archetypal time and present commands much worth connected the secondary market.

Other sports stars and legends specified arsenic Steph Curry, Mohammed Ali, and Pele person besides had NFT projects, which sold for millions. But galore are inactive skeptical astir NFTs owed to their mostly speculative nature.