Autograph, the non-fungible tokens (NFT) startup led by football superstar Tom Brady, is changing its strategy due to multiple reasons like the bearish market conditions, the bankruptcy of FTX, and increased regulatory scrutiny on exchanges, according to the New York Times.
The shift follows a difficult period for the company, characterized by a decline in revenue and subsequent layoffs.
The new strategy is pivoted towards aiding celebrities in enhancing their fan engagement, with the firm actively removing crypto jargon from its marketing material.
The change seems to stem from the challenges faced by Autograph following the crypto market crash, which resulted in significant struggles for the business.
Brady’s troubles go beyond his startup. He is facing a lawsuit due to his endorsement deal with FTX, a crypto exchange that has gone bankrupt. Customers of FTX assert they were misled, pointing the finger at Brady for his role in endorsing the now-defunct platform.
This rocky period for Brady’s venture highlights the wider fallout from the crypto market meltdown, especially concerning celebrity endorsements and investments.
Notable figures from the entertainment and sports industry have found themselves embroiled in legal and financial hurdles in the wake of the crypto crash.
As Autograph navigates its way through these challenges, the industry will be keenly watching to see how the company, and its celebrity counterparts, adapt to this evolving landscape.
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