Soccer players keep promoting NFT collections - and they keep crashing to zero

The LFC Heroes Club is a collection of 24 non-fungible token illustrating high-profile players.

The majority went unsold.

An NFT is a unique token that proves ownership of a piece of art. The NFT market grew to $41 billion last year, with traditional auction houses entering the sector.

Last year, it posted gains, but this year it has plummeted. Year-to-date, bothcryptocurrencies are down by more than 50%.

The NFTs are valued in ether, rather than dollars. It's difficult to sell them to soccer fans because of the value wiped off the overall market.

If a massive club likeLiverpool can't sell NFTs, that's indicative of fans' overall skepticism, according to an academic specializing in the accountancy of soccer teams.

Major brands including Adidas, Nike, and Playboy have launched their own NFT collections. They collaborated with Sotheby's to start a club.

The initiative was roundly condemned by fans of the club.

Other clubs may not release their own collections because of the failure ofLiverpool to shift its NFTs. Several high-profile players have endorsed digital art, with disastrous results.

In November, Manchester United and France player Paul Pogba promoted the CryptoDragons collection to his 10 million followers, saying he had bought an egg with a dragon inside.

One of the digital assets sold for 162,000 dollars. Six months later, the price of a coin on OpenSea is as low as 0.028 ETH.

The NFT collection promoted by Pogba was a flop.

John Terry's "Ape Kids Football Club" collection crashed in a single month, and can now be purchased for $34 on Open Sea.

In May, Michael Owen launched his own NFT collection, which he claims will be the first ever that can retain their initial value.

Owen's NFTs have a floor price that can't be sold below the price they were bought for. The NFTs will crash to $0, but investors will not be able to sell at a lower level to reduce their losses.

They are not financial advisors, but they have promoted NFTs as investable assets.

The job of soccer players is to play soccer.

Some players may be too quick to sign such deals and not question the issues surrounding NFTs.

The 5 English Premier League football teams plan to use the NFT market to build a global fan base.