A collection of Non-Fungible Tokens (NFTs) released by John Terry have dropped in value by a staggering 90 per cent over the past month, a new report suggests.
According to The Athletic, some of his 'Ape Kids Football Club' NFTs are now selling for as low as £49, despite the fervent promotional efforts of Terry in recent months.
The former Chelsea captain garnered criticism for pushing the digital art range to his fans on social media, although it appears that nearly all of his posts about the NFTs have now been deleted.
All that remains are some supportive posts about other NFT collections, such the now-infamous 'Bored Yacht Club' - which the likes of Steph Curry, Gwyneth Paltrow and Eminem all have links to.
Terry's NFTs meanwhile were selling for an average of $656 each (£497) after launch on February 2nd, but by March 8th the average price had dropped to $65 (£49).
He isn't the only footballer who has endorsed the idea of NFTs; although, as The Mail reports, other ex-Chelsea stars like Ashley Cole and Tammy Abraham have seemingly lost faith in the blockchain marketplace.
Non-fungible tokens are a form of digital asset based on the innovative blockchain technology that is behind Bitcoin and Ethereum.
While a so-called "crypto winter" has led to a market dip across the board of late, that in and of itself wouldn't legislate for the dramatic drop in value of Terry's NFT collection.
News of the price collapse comes amid separate reports of the Premier League considering its own NFT partnership with an as-yet-unnamed industry giant.
The Athletic speculates that such a partnership could be worth "millions of dollars", although nothing has been substantial at this present time.
At first they laugh at you...- John Terry (@JohnTerry26) February 19, 2022
Then they follow you ! :eyes: pic.twitter.com/XQPQ320tim
At the beginning of the year, the Premier League contacted Terry, requesting that he remove the Premier League trophy from his NFT collection due to intellectual property laws.
The Premier League taking such a keen interest in his 'Ape Kids Football Club' release does perhaps point to the sporting body doing something similar of its own in the future.
With the hype surrounding NFTs subsiding of late, it's unclear whether Terry will renew his promotional efforts when the market does inevitably pick up again.
However, the 41-year-old's decision to delete all Twitter posts related to his NFT collection won't exactly instil confidence in the controversial project.
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