The ongoing crypto bear market shows no signs of slowing down, with its impact now spreading across many NFTs. The Ape Kids Football Club NFT collection are among the impacted NFTs, plunging more than 92% as of June 30.
John Terry, the former English Premier League (EPL) Chelsea defender, launched the Ape Kids Football Club NFTs on OpenSea on February 4, 2022. At the time, its floor price sold at 0.23 ETH.
On February 20, the average sale price of Ape Kids Club NFTs spiked as high as 0.2608 ETH. Since then, the floor prices of Ape Kids Club NFTs have plummeted more than 92%, with its floor prices oscillating around 0.019 ETH at the time of publishing.
According to industry experts, the recent market dump, which has left many crypto prices shedding more than 60%, might have partly attributed to the recent Ape Kids Club NFT’s poor performance. Earlier in February, Ethereum was trading above $2,300 versus $900 today.
In the meantime, some investors are still buying the dip on OpenSea, despite the market dump, with some rare traits selling for 0.04 ETH on June 29. At the time of writing, the Ape Kids Club NFT collection has a 0.065 ETH floor price on OpenSea and similar popular to Bored Ape Yacht Club (BAYC) NFTs.
Ape Kids Club NFTs Use Cases
Although there is scarce information about their utility, Ape Kids Football Club NFTs feature a limited supply of 6,626 NFTs. According to NFT marketplace OpenSea, AKFC NFTs will allow holders to take part in the highly anticipated AKFC World Cup, coming soon.
Unfortunately, nobody, including Former Chelsea and England team captain and multiple times UEFA defender of the year, John Terry, anticipated the crypto markets and NFT markets would crash in mid-2022.
John Terry planned to use his Ape Kids Club NFTs for charitable ventures and interactive learning about blockchain, as well as generating personal revenues. In December 2021, Terry raised more than $141,000 for charity.
At the time, the Ape Kids Club announced they were closely working with the Elina Svitolina Foundation to support sports children. Moreover, the football star will get involved in more UK youth charities and foundations related to sport.
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Source: https://insidebitcoins.com/news/john-terry-nft-scheme-plummets-92-amid-crypto-winter