NFL icon Tom Brady We are restructuring the business strategy for our Web3 startup. sign. The bear market in 2022 and continued lawsuits with FTX have caused the company to face a significant drop in revenue, resulting in the company cutting a third of its workforce.

Brady launched Autograph in 2021, boldly dubbing it “the future of fandom.” The main goal of the platform was to sell custom-made digital his assets that unlock perks to die-hard fans of many celebrities such as Tony Hawk, Usain Bolt, Tiger Woods, Derek Jeter and more. , among others.

Autograph shifts strategy after lackluster success, despite securing $170 million in Series B funding early last year to grow platform exponentially I had a need. rather than just focusing on NFTs The company is now emphasizing loyalty-building efforts such as community contests and removing crypto buzzwords and jargon from its marketing mix to reach a wider audience.

One of the issues that has hurt Autograph so much is Brady’s relationship with the now-defunct FTX. An ambassador for the bankrupt crypto exchange giant, he received a total stake of $30 million from the company, but is now embroiled in a legal battle with his supermodel ex-wife Gisele Bündchen, who has sold 1,800 shares of FTX stock. received a million dollars. He has other celebrity endorsers, including fellow sports star Stephen Curry.

While their shares are now worthless, FTX investors have filed a lawsuit, claiming that these celebrities misled the team behind the crypto exchange. Tom Brady’s FTX legal quandary has tarnished the reputation of the famous American football player in the Web3 space and highlighted the dangers and liability associated with promoting influencers and the weight of responsibility borne by high-profile entities.

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By Jules

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