The former player of the world-renowned Premier League soccer club Chelsea has not had much success with his NFT collection.
Several celebrities in the sports industry have launched their non-fungible tokens (NFTs) as a form of fan engagement. However, some of these digital asset projects were just not able to take off.
Based on a report by a sports news outlet the Athletic, the retired English soccer player John Terry had trouble keeping up with his NFT project. He launched his collection called the Ape Kids Football Club, similar to the original NFT collection Bored Ape Yacht Club, back in February, with the NFTs averaging $656 per trade.
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However, the prices started plummeting in a matter of weeks, dropping by more than 90%, putting the NFTs at a floor price of 0.025 ETH (about $65). The Ape Kids Football Club NFTs averaged about 5 daily sales over the past week. This put out a huge hit on investors’ pockets who purchased the collectibles at their initial price.
While the sports-related digital assets are usually regarded as merchandise to support the players, similar to signed jerseys and limited edition shoes, investors expect NFTs to maintain their prices and even increase in value over time. With that being said, the NFT project has seemingly fallen flat in just a month after launch.
The article suggests that the dip in Terry’s NFT prices might have been due to his collection having images of the Premier League trophy and Chelsea’s logo, which are covered by intellectual property. For this reason, the Ape Football Kids Club collection had to remove the trademarked details, crucial for soccer fans.
Likewise, NFTs have seen a large dip at the beginning of March, with sales and searches for non-fungible tokens falling short compared to the start of 2022.
