The love affair between elite football and NFTs (non-fungible tokens) seems to have come to a crashing halt. Just a year ago, football clubs and players were promoting NFT projects, claiming it was about “utility” and “fan engagement.” However, a recent report by dappGambl revealed that around 95% of the high-profile NFT projects analyzed are now virtually worthless. So, what happened to these NFT projects?
Liverpool FC launched an NFT scheme called LFC Heroes Club last March, offering fans the opportunity to purchase digital artwork of players and manager Jurgen Klopp. However, the scheme has been a flop, with only about six percent of the tokens sold. The project’s value has slumped, and the official Twitter account and Discord server for the scheme are virtually inactive.
Manchester United’s NFT scheme, carried out in partnership with blockchain firm Tezos, is still active. The Tezos token has lost about 85% of its value since the deal was announced in February 2022. Still, United claims their scheme is different because it offers lots of free NFTs with genuine rewards, such as matchday experiences and talks with players.
French midfielder Paul Pogba endorsed a scheme called ‘Cryptodragons,’ which has become virtually worthless. Many investors, like motorcycle courier Berat Kurnaz, lost significant amounts of money. They invested because they believed Pogba’s endorsement made the project legitimate. However, the project’s founders took about $2 million out of the project, and the website no longer exists.
Former Chelsea and England captain John Terry promoted a scheme called Ape Kids Football Club (AKFC) that claimed to have “utility” beyond financial investment. However, the apes sold as part of the scheme are now worthless, and the promised benefits never materialized.
Crawley Town, a club in England’s fourth-tier League Two, was taken over by a group of American NFT investors called WAGMI United. The club experienced managerial instability and narrowly avoided relegation last season. The interest in the NFTs promoted by WAGMI United has diminished, with prices crashing and sales slowing down.
Despite the overall decline in the NFT sector, Sorare, a football NFT scheme that functions like a fantasy football game, has remained relatively resilient. The company has partnerships with the Premier League, La Liga, and the Bundesliga. However, issues have been raised about Sorare’s marketing as an “investment” product.
Other individual NFT schemes promoted by footballers, such as Neymar’s involvement with NFTSTAR and the failed Croatian player project, have also faltered. These projects have lost value, and their online presence has dwindled.
Overall, the NFT projects promoted by football clubs and players have largely turned to rubble. The sector has seen a significant decline, with the majority of high-profile NFT projects now virtually worthless. It appears that the initial excitement and frenzy surrounding NFTs in football were driven more by financial speculation rather than genuine utility and fan engagement.
