Chelsea legend John Terry’s NFT scheme loses 99% of value as it becomes latest crypto to crash in price
JOHN TERRY’S NFT scheme has reportedly lost an incredible 99 per cent of it’s value.
Terry, 41, who is now a coaching consultant at Chelsea, launched the “Ape Kids Football Club” non-fungible tokens on February 2.
In March, The Athletic reported that the former centre-back’s NFT token value had dropped a whopping 90 per cent.
And now the outlet claims the average price crashed 99 PER CENT in less than five months.
The business venture has been slammed by many and Terry appears to have deleted all his social media posts related to the tokens.
They were initially trading for an average price of £539 after launch and crashed to £53 just a month later.
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The average cost is now fluctuating between a measly one to three per cent.
The scheme was initially supported by the likes of Roma star and ex-Blue Tammy Abraham and Terry’s old team-mate Ashley Cole.
Terry set up his Twitter account in November 2021 in an apparent attempt to promote his online tokens.
The Blues icon has been advertising the NFTs he owns, featuring cartoons of baby monkeys, on his Twitter page.
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In one NFT owned by the ex-England captain, a blue monkey – wearing a captain’s armband as Terry did 580 times for Chelsea – is surrounded by several trophies.
But his old club were reportedly investigating after Terry and Cole used the club’s badge in tokens shared online.
The Blues legends have also reportedly drawn the attention of the Premier League after including digital versions of copyrighted trophies.
Dozens of footballers and celebrities have been jumping on the global cryptocurrency craze by creating their own personalised NFTs.
Current Chelsea full back Reece James has also promoted his own “Mutant Ape” purchase, while Terry has linked Jack Wilshere, Willian and Marco Verratti while promoting his NFTs.
Ex-Manchester United ace Wayne Rooney has also joined in on the NFT craze by selling digital artwork of himself for £40 each.
Michael Owen got into trouble by suggesting his NFTs would “be the first ever that can’t lose their initial value”.
The pundit was told by regulators to remove the misleading promotion.
NFTs are digital artworks which have a unique code, meaning that they can only be owned by one person.
What is an NFT?
Here's a simple guide...
- NFTs are a hot new tradable item taking the internet by storm
- The letters NFT stand for “non-fungible token”
- If something is “fungible”, it can be traded for an identical counterpart
- For instance, Bitcoin is technically fungible – you can swap one for another, and have the same thing
- Physical cash is also fungible – you could trade one £10 note for another
- An NFT is a totally unique digital token with no copies
- Like Bitcoin and other cryptocurrencies, NFTs work using a blockchain
- A blockchain is a public ledger of transactions recorded across the internet – and is totally unalterable
- The NFTs on the blockchain can be traded like Bitcoin, but they’re unique by design
- This gives them a special value, because each NFT is individual and unique
- You can turn almost any kind of data into an NFT
- People are selling digital artworks, songs and even tweets in NFT form
- More elaborate NFT sales include virtual trainers/sneakers and even a virtual house
- Importantly, NFTs are not physical – so if you buy an NFT object, you’re just owning a part of the blockchain and NOT a physical item