John Terry, who returned to Chelsea in the New Year in a part-time consultancy role at the Academy, has come under more scrutiny for his NFT (non-fungible tokens) project after it saw another crash in value.
Back in March of this year, Terry’s ‘Ape Kids Football Club’ saw a 90 percent fall, as reported by The Athletic.
They were initially trading for an average price of $656 after launch in February, before crashing to an average price of $65 just a month later at the beginning of March.
Chelsea were reported to be looking into the digital artwork being promoted by Terry, which also saw an investigation by UEFA as well about their trophies, which they own the trademarks for, being used.
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"UEFA takes the protection of its intellectual property rights seriously and we are investigating this matter further,” read a statement.
The Premier League also got involved which saw their trophies, along with UEFA and FA trophies and the Chelsea badge, being removed from all of Terry's digital artwork, as the Club were quick to distance themselves despite the defender being an employee of the club.
And now Terry’s project, which was initially supported by the likes of Tammy Abraham and Ashley Cole, has plummeted in value even further.
In a graphic shared by Athletic journalist Joey D’Urso, the average price has crashed to 99 percent in less than five months.
The 41-year-old appeared to set up his Twitter account in November 2021 prior to the launch of his ‘Board Ape Yacht Club’.
Terry's last interaction coming last month when he retweeted a new blockchain partnership between HAPEsocial and Caduceus.
His last tweet about NFTs was the above on 25 February, with the former England international deleting many tweets referencing the blockchain marketplace.
Non-fungible tokens are a form of digital asset based on the innovative blockchain technology that is behind Bitcoin and Ethereum.
As one pointed out, 'Counterpoint: the NFT has fallen another 90 percent so it's twice as accurate', poking fun at Terry for his scheme which has been labelled a 'ponzi' by many.
A Ponzi scheme is defined as 'an investment fraud that pays existing investors with funds collected from new investors. Ponzi schemes are named after Charles Ponzi. In the 1920s, Ponzi promised investors a 50 percent return within a few months for what he claimed was an investment in international mail coupons.'
Many other individuals have come under pressure for their involvement with NFT's, including Michael Owen.
He wrote in May: "My NFTs will be the first ever that can't lose their initial value".
As a result, Owen was forced to delete the tweet by the Advertising Standards Authority due to it likely leading to customers being mislead.
Topics: John Terry, Chelsea, Football
Matthew Debono