08 March 2023 , 09:00
1319
0
In the final weeks of 2021 it was impossible for a football fan to scroll through their social media feeds and not see a current or former player posting a cartoon image with the end game of making some money.
But by the time the average fan had gotten their heads around the concept of Non Fungible Tokens, it appeared that the bubble had already burst.
Crypto and the blockchain are sticking around despite the crashes in value - the latest plummet coming when Sam Bankman-Fried's FTX collapsed shortly before Christmas - and warnings for people looking to invest without a full understanding of how it all works.
Yet the story of what happened next to most of the companies affiliated with footballers offers a cautionary tale.
Bored Ape - John Terry, Neymar, Reece James
Perhaps the most visible collection when NFTs first took off, leading to many asking ‘What’s with all the cartoon monkeys?”
Ferdinand in full agreement with Carragher over latest Maguire setback
They continue to trade for substantial amounts according to data on exchange website opensea but the collection’s overall value has plummeted - in some cases by more than 90%.
Cryptodragons - Paul Pogba
“I am happy to announce that I’m partnering with a phenomenon – a project called Cryptodragons,” the former Manchester United midfielder said in a video posted in November 2021. “They set the world record by selling an NFT for 35 Ethereum for primary sale in less than 10 seconds. This is huge.
“You see I’m going to get some dragon eggs – so as you know what’s gonna happen I’m gonna be the father of the dragons and the next run of reservations is coming soon so keep your eyes open. Adios Dragon talking. See you guys.”
It reads like gobbledygook, right? But for reference 35 Ethereum, the cryptocurrency used for most NFTs, was worth more than £130,000 at the time. The exchange rate has collapsed to the extent that 35ETH is now about £45,000.
But the most crushing detail of all is that Cryptodragons NFTs are currently trading hands for about £15.
Sportemon Go - Luke Shaw, Andy Robertson and Callum Hudson-Odoi
This collection, backed by a number of top players, is no longer available on resale sites such as opensea.
Robertson in particular got a lot of flak on Twitter from his attempts to promote NFTs. The Liverpool and Scotland full back had his own collection called "Hometown Heroes".
Blockasset - Wayne Rooney, Trent Alexander-Arnold
Four months ago a Rooney “legend” NFT traded for 170 solana, another less common form of currency - in old money a little more than £3,000. But much of the company’s NFTs are effectively worthless.
A collection featuring Ukraine boxer Oleksandr Usyk is available on opensea but, having been online for six months, no bids have been made.
NFT Star - Son Heung-min, Neymar
The Tottenham star joined Twitter to much fanfare but he was roundly criticised for almost instantly turning to flogging NFTs linked to a company that continues to operate and has recently added Neymar and NBA star Giannis Antetoukoumpo to its collection.
Ferdinand uses Rooney example to defend Ronaldo "disgrace" claims
But while a token from the Brazilian forward’s collection will cost £146 on resale (having cost £320 when minted), Son’s tokens are now worth about £20 (after trading for £700 soon after launch).
Son's tweet, meanwhile, was swiftly deleted because of the backlash.
Street Bears - Rio Ferdinand
There are more than a dozen currently listed on opensea but the last to be traded was more than a year ago for 0.06ETH (less than £80 going off current exchange rates).
The remainder sit there dormant.
Antourage/Red Lion Sports Club - Phil Jones
The Manchester United defender rowed in behind this project in April of last year.
Except there is no resale data available and the website of the project is dead.