NFL legend Tom Brady's non-fungible token (NFT) startup venture is shifting its strategy following bear market-related struggles over the last year, the New York Times reported on Thursday.
The firm's revenue sank in 2022 amid the wider downturn in the digital asset market, according to the report, citing a person familiar with its finances. Autograph has laid off more than 50 employees, Insider reported in May and the Times confirmed in its report.
Brady co-founded Autograph in 2021 with the aim of helping celebrities sell NFTs to their fans. The firm raised $170 million in Series B funding at the start of last year. The company is now, however, shifting to a broader focus on helping celebs foster loyalty with their fans and has removed some crypto language from its marketing, according to the Times.
Tom Brady's crypto reputation has taken a hit from his endorsement of FTX, from whom he had accepted around $30 million worth of shares as part of his role as a brand ambassador for the now-bankrupt exchange. Brady and other celebrity endorsers of FTX such as his ex-wife Gisele Bundchen and basketball star Stephen Curry are also now being sued by FTX investors for allegedly misleading them.
Autograph did not immediately respond to a request for comment for this story.
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