Premier League going ahead with NFT collection despite collapse in market 1 month ago

Premier League going ahead with NFT collection despite collapse in market

The monthly sales of NFTs are set to fall below £830m

The Premier League is reportedly going ahead with plans to launch an NFT collection, despite the recent cryptocurrency market crash.

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As reported by i news, Premier League insiders claim they are exploring lower-value NFTs - which stands for non-fungible token - in both picture and video format - but are looking at ones that are not intended to be traded for profit.

It comes after news that the monthly sales of NFTs are set to fall below £830m for the first time in a year. Despite this, the report adds that many people working in the industry suggest that the tokens should be treated more like collectibles - which exist in the digital space - rather than assets that can be sold for profit.

The Premier League is keen to develop a digital community and create interaction between the NFT and its owner. It is thought that, if finalised, the top-flight could have a collection announced later this year.

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However, any official Premier League NFT collection would have to be agreed upon by the 20 Premier League clubs in a vote.

The Premier League has filed two NFT trademarks with the United States Patent and Trademark Office, with one relating to the league's name and logo, while the other is focused on a trophy. They cover the use of the trademarks in virtual and augmented reality, as well as virtual clothing and other digital assets.

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John Terry's NFT project plummets in value

The former Chelsea defender's infamous NFT project has dropped 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. 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 showed that his project has gone from bad to worse and is now worth just one per cent of its original value.

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