Tom Brady's NFT Venture Adopts New Strategy Amid Controversies and Market Challenges
Autograph, Tom Brady's NFT venture, shifts strategy in response to ongoing controversies and bearish market conditions.
Autograph focuses on fostering fan loyalty for celebrities and adjusts marketing by eliminating cryptographic terms.
Autograph's revenue declined in 2022, leading to employee layoffs.
Tom Brady's involvement with the bankrupt crypto exchange FTX has impacted his crypto reputation.
Autograph secured $170 million in Series B funding in a round led by Andreessen Horowitz and Kleiner Perkins.
Tom Brady's Autograph NFT: A Shift in Tactics Explored Amidst DisagreementsAccording to a recent report in the New York Times, Tom Brady's NFT company, Autograph, is changing its strategy in light of ongoing controversies and challenges in the market. The revenue of Autograph, which enables celebrities to sell NFTs to their fans, decreased in 2022 due to the overall downturn in the digital asset sector. As a result, the company has downsized by laying off over 50 employees, a move previously reported by Insider and now confirmed by the Times.
Founded by Tom Brady in 2021, Autograph raised $170 million in Series B funding last year, positioning it as a significant player in the NFT space. However, Autograph is now taking a broader approach to help celebrities foster loyalty with their fans, reducing its use of crypto terms in marketing campaigns.
The Intricacies of Tom Brady's Substantial NFT Platform FundingTom Brady's association with FTX, a crypto exchange that recently went bankrupt, has also affected his crypto reputation. Brady accepted shares valued at approximately $30 million as a brand ambassador for FTX, and he now faces a lawsuit, along with his ex-wife Gisele Bundchen and basketball star Stephen Curry, filed by FTX investors for alleged deception.
In the midst of these challenges, Autograph completed a successful Series B funding round, raising $170 million. The round was co-led by venture capital firms Andreessen Horowitz (a16z) and Kleiner Perkins. Autograph's board of directors now includes executives from a16z, Lightspeed Venture Partners, and Kleiner Perkins.
What was Tom Brady's involvement with the cryptocurrency exchange FTX?Autograph, established in July, has released NFT collections featuring notable figures such as Tom Brady, Tiger Woods, Naomi Osaka, The Weeknd, Simone Biles, Tony Hawk, and Derek Jeter. Brady and The Weeknd also serve as board members of Autograph.
In June 2021, during the peak of the cryptocurrency market, Tom Brady and Gisele Bundchen entered into stock deals with FTX.com and FTX.US. Brady became a brand ambassador for the exchange, while Bundchen focused on environmental and social initiatives. However, the value of their equity in FTX significantly diminished following the exchange's downfall in November 2022.
For Tom Brady, these recent developments add to an already eventful year. Initially announcing his retirement from the NFL in February, he later reversed the decision and declared his return to the field, expressing a desire to continue his career.