Premier League players and NFTs: ‘You’re better off investing in a pack of hot dogs’

Six months ago, Paul Pogba introduced his social media followers to an NFT (non-return token) project called Cryptodragons and announced that a digital asset had been sold for 35 Ethereum. At the time, this was worth $162,000 (£132,000) as the global crypto markets exploded.

When Pogba arrived, Cryptodragons were billed as “A Metaverse where dragons can spawn, fight, earn Ethereum and more.” The plan was first published in mid-November, near an all-time high in the value of the Ethereum cryptocurrency, most of which NFTs are bought.

But interest in Cryptodragons has since begun to trickle with almost no sales. These sales are in the low tens of dollars, 99.9 percent lower than Pogba’s touted figure, whose website address is in his Twitter bio and has been labeled “Father of Dragons” by the brand.

The Manchester United and France midfielder is not alone as a football player who put his name to NFT plans.

Tit is an exciting digital version of collectibles like their defenders, trading cards. But while critics say they are a tool for financial speculation, the lack of regulation means investors have little recourse if they lose large sums of money buying and selling NFTs. And the numbers usually only go one way at the moment.

John Terry’s Ape Kids Football Club NFT chart, which initially rose and later gained value, was promoted on social media accounts by Tammy Abraham, Reece James, Jack Wilshere, Ezri Konsa, Bobby Zamora, Daley Blind, Jan Vertonghen and Nigel de Jong. media accounts.

Trent Alexander-Arnold of Liverpool changed his profile picture to an NFT image of Muhammad Ali a few months ago, then changed it again, perhaps due to the loud negative response from some of his followers, a common theme of any football player about NFTs.

Tottenham Hotspur forward Son Heung-min joined Twitter earlier this month with huge fanfare and quickly gained over 200,000 followers. One of his first posts was a quote tweet about an NFT plan in which he also mentioned Paris Saint-Germain star Neymar. After the angry backlash from fans, Son’s post was deleted, but he still seems to approve of the plan on Instagram.

Son, NFT

Michael Owen recently advertised an NFT plan that he claims “cannot depreciate” just months after the “DeRace” NFT project was launched and immediately appreciated.

An NFT and cryptocurrency company with sponsorship deals with Rangers and Hibernian has stopped trading the token after its value plummeted. Andy Robertson of Scotland and Liverpool, Manchester United’s Luke Shaw and Callum Hudson-Odoi of Chelsea have promoted their Sportemon Go products on their social media accounts, but these NFTs are no longer available on the secondary resale market.

In October, England’s all-time top goalscorer, Wayne Rooney, described himself as “Blockasset’s partner”. The NFT plan, sponsored by the Derby County executive, shows fairly consistent selling prices and is still trading in significant volumes, unlike many other projects sponsored by current or former football players.

crypto dragons

Cryptocurrency markets have been on the decline since November, with an Ethereum worth less than half what it was six months ago. But even more strikingly for those who may have bought Pogba’s Cryptodragons at its peak, this particular project has completely lost value.

NFTs can be bought and sold on the OpenSea website, which functions like an eBay for digital assets. The current “base price” of the Cryptodragons project – the lowest price at which items can be purchased – is just $34 (£27.90). Recent sales have been as low as $19 (£15.60) while barely rising above $100 (£82) in the past month as the number of purchases has dropped significantly.

daily price of cryptodragon NFTs

“Better than investing in a pack of hot dogs,” says one user on the Cryptodragons Reddit page. “I bought a firstborn for 0.5 eth or something when it was released,” says another, describing spending about $2,000 (£1,640) on a Cryptodragon around the time Pogba was advertising.

Pogba, who also advertised BitClout, a “blockchain-based social media platform” – He has 10.1 million Twitter followers and 53 million Instagram followers, putting him in the top 10 most followed players in the world.

The 29-year-old wrote a “#name” supporting Cryptodragons in his posts, implying that he was paid to make the post about his purchase of a $162,000 digital dragon egg that made him a “lord of dragons.”

In the world of anonymous cryptocurrency and NFT, it is unclear whether this purchase is genuine.

This world is full of “hail trading” where people buy and sell assets for themselves to create the illusion of high prices. This is illegal in regulated financial markets, but not in terms of cryptocurrency and NFTs. There is no direct evidence of the washing trade in this case.

Cryptodragons and Pogba did not respond to requests for comment.

Former Chelsea and England captain Terry created a Twitter account just a few months ago and started using it to promote his favorite NFT projects and then his own: Ape Kids Football Club.

Soon many other gamers started tweeting out weird cartoon monkeys that sold for hundreds or even thousands of dollars.

But the project has completely sunk as the protagonists promote them on social media, with buyers now sitting at huge losses.

Terry’s Ape Kids Football Club NFTs were publicly trading at an average price of $656 (£538) after launch on February 2, but by March 8 the average price was down 90 percent to $65 ( 538) fell.

The “base price” of the project is now just $41 (£34) after some NFTs were sold for thousands of dollars at the beginning of the year when overstated by football players.

Terry after announcing Ape Kids Football Club in JanuaryThe Premier League, UEFA and FA trophies have been removed from the NFTs, as well as the badge for Chelsea, the club Terry currently works for, for intellectual property reasons.

go sporemon

Many of Pogba’s Cryptodragons have been traded, albeit at rapidly falling levels, as can be seen in public data on the NFT trading website OpenSea.

But it’s unclear what happened to the NFTs that made up the Sportemon Go project, backed by Robertson, Shaw, and Hudson-Odoi.

The website is of poor quality and difficult to search, a point that has been made by hundreds of fans who immediately question why these well-paid stars are promoting such a plan.

Sportemon Go NFTs are not available for secondary resale on the OpenSea website as is standard with NFTs, raising questions about where the money and NFTs are going.

It’s not even clear that these products even exist anymore, rather than just lowering prices.

The future

Potential profits may have been drastically reduced, but the rush to sign up for NFTs shows little sign of waning.

The Football Association is “inventing” to print its own NFT collection, which could provide “a massive new stream of revenue” for the organization, according to CEO Mark Bullingham. The Premier League has decided on a company called ConsenSys to launch their own NFT.

Several football clubs have released their own NFT collections, including reigning champions Manchester City and Champions League finalists Liverpool.

But “stricter rules are coming,” according to Geraint Lloyd-Taylor, vice president of advertising and marketing at law firm Lewis Silkin. “The Government and the (UK) Financial Conduct Authority are consulting on new rules. Brands, advertisers and influencers looking to capitalize on the crypto boom will need to watch this space carefully.”

(Top photo: Cryptodragons)

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