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It’s part of a larger league-wide NFT project crash.
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By way of The Athletic’s Joey D’Urso, it has been reported that the value of Liverpool FC’s Heroes NFT, in quite predictable fashion, has dropped in a rather spectacular fashion. As part of a wider look at the current cryptocurrency crash engulfing the world, D’Urso has detailed the value of almost every NFT project belonging to a Premier League club… and the sights are not pretty.
Let’s revisit Liverpool FC’s initial announcement:
“LFC Heroes Club is your opportunity to take part in the world’s most innovative football fan community.
“You’ll get a unique digital collectable, engage with football’s greatest family, and access exciting benefits, all in one NFT community.
“Each digital collectable is a unique piece of art. Nobody else will hold the same NFT as you.
“On top of that, you’ll join a passionate LFC community, with access to an LFC community forum, unique experiences, virtual hang-outs, competitions, guest appearances, updates from the LFC Foundation and LFC retail discounts.”
Initial reports a week after the launch said that the Heroes NFT had sold less than 9,000 of the 171,072 sold, even after an extensive marketing campaign by the club. The sale of these tokens was projected to earn the club somewhere around £8.5 million, but ultimately, that did not come to fruition as only 9,721 of the initial ‘Hero’ drop were sold, priced at around £57 each, while the ‘Legendary’ tokens went for just over £567,000.
LIVERPOOL
The club launched an NFT scheme which sold barely 6% of the amount it hoped to: https://t.co/fBijOU2SqS
They’re now mostly trading at a loss: pic.twitter.com/5hCHmmhFYl
Yeah… that’s pretty self-explanatory. Not quite rock bottom yet (John Terry’s “Ape Kids Football Club” has tanked 99% of its value), but surely there’s not much more to go. Liverpool FC had advised that the NFTs were not to be considered investments, but such is the nature of the NFT market, that they were widely seen and used like that. Also, let’s be honest here, the art is butt-ugly.
As can be seen from D’Urso’s thread and reporting, it’s not a problem exclusive to Liverpool FC.
Lots of replies along the lines of “stocks have fallen too” to which I’d say:
– Are football clubs promoting investing in individual stocks that have plummeted?
– What about stocks that have fallen 90%+?
– With stocks, for better or worse, you own an actual thing
Lots of clubs are out here looking to make a quick buck. With the amount of NFT and crypto-related tie-ups and sponsorships in the league already, this probably won’t stop anytime soon, especially with the murmurs at the end of April that Liverpool were considering taking up a crypto company as the main sponsor on its shirt after the Standard Chartered Bank deal ends.
