John Terry, who returned to Chelsea in one in the New Year part time Advisory role at the Academy, has come under scrutiny for his NFT (not fungible Tokens) project after seeing another drop in value.
They initially traded at an average price of $656 after launching in February before crashing to an average price of $65 just a month later in early March.
It has been reported that Chelsea is investigating the digital artwork promoted by Terry, which was also investigated by Uefa as well as on the use of their trophies for which they own the tokens.
“Uefa takes the protection of its intellectual property rights seriously and we are continuing to investigate this matter,” it said in a statement.
The Premier League also took part, seeing their trophies along with Uefa and FA trophies and the Chelsea badge removed from all Terry’s digital artwork as the club were quick to distance themselves despite the defender being an employee of the club.
And now Terry’s project, originally backed by the likes of Tammy Abraham and Ashley Cole, has fallen in value even further.
In a graph divided by Athletic journalist Joey D’Urso, the median price has plummeted to 99 percent in less than five months.
The 41st-Year old appeared to have set up his Twitter account in November 2021 prior to the launch of his “Board Ape Yacht Club”.
Terry’s last contact was last month when he retweeted a new blockchain partnership between HAPEsocial and caduceus.
His last tweet about NFTs was the above on February 25, when the former England international deleted many tweets that referenced the blockchain marketplace.
Not fungible Tokens are a form of digital assets based on the innovative blockchain technology that powers bitcoin and bitcoin ether.
As one pointed out: “Counterpoint: the NFT dropped another 90 percent, so it’s twice as accurate,” and poked fun at Terry for his plan, which he described as “ponzi‘ By many.
A ponzi Scheme is defined as “an investment scam where existing investors are paid with funds raised from new investors. ponzi Systems are named after Charles ponzi. In the 1920s ponzi promised investors a 50 percent return on an investment in international shipping coupons in a matter of months, he claimed.’
Many other individuals, including Michael Owen, have come under pressure for their involvement in NFTs.
He wrote in May, “My NFTs will be the first ever that cannot lose their initial value.”
As a result, Owen was forced by the Advertising Standards Authority to delete the tweet as it likely resulted in customers being misled.