John Terry's NFT project has dropped 90 per cent in value over the past month according to reports.
The Chelsea legend's NFTs (non-fungible tokens) as part of the ‘Ape Kids Football Club’ collection were publicly trading for an average price of $656 having launched on February 2, but by March 8 the average price had plummeted to $65.
NFTs have faced heavy criticism and are unregulated but the Premier League are considering its own partnership which could be worth fortunes.
The losses experienced by Terry could have a huge knock-on affect for fans, many of whom may have been tempted to invest in them because their idols endorsed them on social media.
As reports the Athletic, Tammy Abraham and Ashley Cole have both deleted their endorsements of the controversial scheme, as has Terry's old England colleague Jack Wilshere.
Other professional players have also invested in the project, including ex-Man Utd star Daley Blind, former Man City midfielder Nigel de Jong, and Watford goalkeeper Ben Foster.
Non-fungible tokens are a form of digital asset based on blockchain technology that underpins cryptocurrencies like Bitcoin and Ethereum.
NFT and cryptocurrency markets have been negatively affected in recent weeks, but that still doesn't explain the massive drop experienced by Terry.
After Terry created Ape Kids Football Club earlier this year the Premier League mounted a legal intervention over NFTs which used images of the trophy, which is protected by intellectual property laws.
Premier League, UEFA and FA trophies were removed from the Ape Football Kids Club NFTs, as well as the badge of Chelsea, despite Terry returning to work with the west London side.
It's another blow for the former Blues and England captain, who recently landed himself in hot water on social media after hailing Roman Abramovich.
He posted a picture of himself with the Russian billionaire alongside the caption: "The best" following his decision to sell Chelsea.
Abramovich had come under mounting pressure due to his homeland's invasion of Ukraine and his alleged links to Vladimir Putin - the latter of which he has denied.
Terry's post saw him called out in Parliament as Labour MP Chris Bryant said in the House of Commons: "He has posted a photo with Abramovich who is one of Putin's cronies.
"What will the people of Ukraine think of the former England football captain?"
The MP also addressed Terry on Twitter, stating: "I think @JohnTerry26 you should take this down ASAP. The people of Ukraine are being bombed, shelled and murdered while you celebrate Abramovich".
Abramovich is now looking to sell Chelsea, with various parties interested in buying the club.
British businessman Nick Candy is "actively exploring a number of options for a potential bid".
His spokesperson said in a statement: "Any bid would be made in conjunction with another party, or consortium, and we have serious interest from several international partners."
