Remember NFTs? This is how football’s projects dived in value
1 min read
It wasn’t so long ago that elite football was in the middle of a love affair with NFTs (non-fungible tokens) — “digital assets” based on the blockchain technology which underpins cryptocurrencies such as Bitcoin.
While club commercial officers and sports consultants earnestly tried to convince people this was all about “utility” and “fan engagement”, to others it looked like financial speculation designed to enrich the already rich at the expense of gullible fans.
A year later, pretty much everything in the sector has turned to rubble.
A recent report by dappGambl, a crypto and online gambling website, said that tens of thousands of high-profile NFT projects promoted by athletes and celebrities are now virtually worthless — around 95 per cent of all NFTs analysed in its sample.
So which football clubs and players promoted NFTs — and what has happened to those projects since?
What follows is specifically about NFTs, though last year The Athletic found almost every
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