The NFT scheme backed by Liverpool’s Andy Robertson, Manchester United’s Luke Shaw, and a number of Scottish clubs has ceased trading after just three months, converting any remaining value in their tokens into another cryptocurrency and terminating agreements with players and clubs.
This comes following a recent drop in value for the absurdly named SportemonGo NFTs—which followed a spike in value and trading driven by the awareness brought to the project by the likes of Robertson and Shaw that drove both NFT speculators and less informed fans to speculatively invest in it.
“The SGOX Token has ceased trading,” read a brief statement on the end of SportemonGo. “The community voted unanimously to redeem SGOX for L1TF tokens. Also note Team, Athlete, and other IP are currently being removed or deleted, as we finalise amicable termination agreements.”
This is the second collapse of an NFT platform backed by Premier League star power this year, as previously John Terry’s Ape Kids Club FC lost 90% of its value and ceased trading. Tweets by the likes of Liverpool’s Robertson promoting the SportemonGo project have been deleted in recent days.
Meanwhile, Liverpool’s club-backed LFC Heroes Club NFT project has faced fan backlash and lukewarm uptake, while the broader NFT market has suffered a precipitous drop in trading in recent months—giving support to those who argue these digital receipts are little more than a pyramid scheme.
That, in the end, is the concern and problem, and Robertson deserves continued criticism for backing a project that in the end has used his celebrity to get young and less informed Liverpool fans—fans with far less than so-called working class hero Robertson—to lose their money gambling on NFTs.