In response to the difficulties encountered during the bear market, Autograph, the NFT startup co-founded by NFL legend Tom Brady, is undergoing a strategic transformation.
TL;DR
- NFL legend Tom Brady’s NFT startup Autograph is going through a strategic shift in response to challenges faced during the bear market.
- Initially focused on helping celebrities sell NFTs, Autograph raised $170 million in funding. However, Autograph has now shifted its focus to building stronger connections and loyalty between celebrities and fans.
- Tom Brady’s association with the now-bankrupt exchange FTX has affected his crypto reputation. He and other celebrity endorsers face a lawsuit from FTX investors for alleged misleading practices.
Tom Brady’s NFT Startup Shifts Focus
It’s been revealed that NFL legend Tom Brady’s NFT startup Autograph is undergoing a strategic shift in response to challenges faced during the bear market. The company’s revenue took a hit in 2022, syncing with the overall decline in the market. Insider reported in May that Autograph had to lay off over 50 employees.
Autograph, co-founded by Brady in 2021, initially focused on helping celebrities in selling NFTs to their fans. With a successful Series B funding round that raised $170 million, the company made big moves in the NFT space. However, the bear market has forced Autograph to shift its focus. Now, they aim to help celebrities build stronger connections and loyalty with their fans. In line with this change, Autograph has changed its marketing, removing certain crypto language.
Brady’s crypto reputation has faced challenges due to his association with FTX, a now-bankrupt exchange. Accepting around $30 million worth of shares as part of his role as a brand ambassador, Brady’s involvement has had repercussions.
Despite these setbacks, Autograph remains determined to navigate the NFT market and explore new growth opportunities. The company’s shift demonstrates its commitment to finding success in the changing market.
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