About a month ago, John Terry released his NFT collection, Ape Kids Football Club. But the value of the project has dropped by almost 90% since then, according to a report by The Athletic.
John Terry’s NFT project drops from $656 to $65
When the crypto project launched on February 2, it had an average value of $656. But its value as of March 8 was a measly $65.
The drop in its value comes with the subtle removal of its endorsement by former Chelsea players Tammy Abraham and Ashley Cole, who tweeted about the project.
In January, Terry first announced the project in association with Ape Kids Universe, stating that he had signed on as head coach.
The collection, which appears to have been influenced by the Bored Ape Yacht Club, contains 6626 NFTs. Each one is a unique image of a cartoonish children’s character with an ape head in a soccer jersey.
While the project may seem controversial, it quickly garnered support from some of Terry’s former teammates, including Willian.
It has 2,445 holders so far, with many buying it during its early days. Unfortunately, this means that many holders will find it difficult to sell now that the value is down nearly 90%.
This event further raises the question of the real value of NFTs and whether celebrities should be allowed to use their popularity to advertise speculative assets.
In particular, the decline in the value of AKFC coincides with the time when the overall NFT market has witnessed a significant drop in its level of interest and trading volume. This could have played a prominent role in the price performance of the collection.
Interestingly, it was recently revealed that the English Premier League is in talks with some crypto firms to issue their NFTs.
Soccer stars and their NFTs
John Terry won’t be the first football player to get involved in NFT, but he could be the first to co-found a project. Various soccer stars have had varying degrees of interest in different NFT projects. For example, PSG star Neymar jr has at least two BAYC NFTs.
The seven-time best player in the world, Lionel Messi, has also released a collection of NFTs of himself on Ethernity and launched Messiverse. The collection, which includes 4 NFTs, sold for $3.4 million on its first day and is now worth more on the secondary market.
Other sports stars and legends like Steph Curry, Mohammed Ali and Pele have also had NFT projects, which have sold in the millions. But many are still skeptical about NFTs due to their largely speculative nature.
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This post Former Chelsea NFT star drops 90% in 30 days
was published first on https://cryptoslate.com/former-chelsea-star-nft-dips-by-90-in-30-days/