Quite funny, really
John Terry’s infamous NFT project has plummeted in value by 99 per cent since it was first launched back in February of this year.
Terry launched the Ape Kids Football Club NFTs on February 2nd. In its early stages, they were trading for an average price of $665. Other footballers also endorsed the former England International’s project, with the likes of Tammy Abraham and Ashley Cole also posting them on their social media pages.
However just over a month later they had dropped significantly in value, trading for a measly $65, with footballers quick to delete them from their feeds and pretend that they never endorsed such a thing.
But further reports from Joey D’Urso of The Athletic have shown that the former Chelsea defender’s project has gone from bad to worse and is now worth just one per cent of its original value.
This story saying John Terry's NFT scheme has fallen 90% in value is no longer accurate. The correct figure is now 99%. pic.twitter.com/yJIiRhX5rl
— Joey D'Urso (@josephmdurso) June 28, 2022
Digital assets experiencing widespread crash in value
It’s almost as if people don’t want to waste their hard-earned money on a picture of a cartoon monkey. Unfortunately for those who did choose to invest, they will have likely lost large sums of cash as a result of the decrease in value.
Terry found himself in trouble while promoting his NFT project in its early stages after they featured an image of the Premier League trophy – which is protected by intellectual property laws.
All Premier League, FA Cup and UEFA trophies were removed, as well as the Chelsea badge, for similar reasons.
Digital assets meanwhile are experiencing issues, as The Athletic revealed, with the various cryptocurrency markets around the world plummeting in value.
One example is Bitcoin, which is down 70 per cent in comparison to when it hit its peak in November last year.
Related links:
- A crypto-themed restaurant is no longer accepting cryptocurrency as payment
- Chelsea to unveil £20m-a-year sponsorship deal with cryptocurrency group
- Crawley Town make third kit available only to fans who buy NFT
- John Terry removes PL trophy from NFTs after Premier League intervention
