John Terry's NFT project plummets 90% in value

The Chelsea legend has seen the value of his crypto-based project decrease rapidly in the past month.

John Terry launched his collection of non-fungible tokens (NFTs) on February 2. The ‘Ape Kid Football Club’ tokens were publicly trading for an average price of $656 during the first days after the project’s announcement.

However, since then, the collection’s value has dropped dramatically, hitting as low as $65. This means the initial buyers of the NFTs have now lost a significant part of their investment.

Terry’s former Chelsea teammate, Ashley Cole, and Tammy Abraham, who had endorsed the project, have reportedly deleted their social media posts about the collection.

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NFTs have faced criticism for being unregulated, but this has not stopped football clubs and fans from getting involved in the crypto market.

Barcelona are the newest clubs that are reportedly planning to invest in the NFT market, while Manchester City have already started constructing the Etihad Stadium in the Metaverse.

Following the unveiling of John Terry’s NFT collection, the Premier League staged a legal intervention against NFTs. The English top-flight organization insisted these digital properties cannot contain the image of the Premier League trophy due to intellectual property laws.

In recent days, the news of Premier League kick-starting their own NFT collection has redirected public attention toward Football’s connection with the cryptocurrency market once again.