Sign no longer accepting JSON text

When using this command to place a sign with player name, it doesn't display anything

 

How to reproduce:

/setblock ~ ~ ~ oak_sign{Color:"green",Text1:'

{"selector":"@p","bold":false,"italic":false,"underlined":false,"strikethrough":false,"obfuscated":false}

'} replace

 

Output:

The sign is empty.

 

Expected Behavior:

Player name should be displayed on the sign.