Recent reports have unveiled that Autograph, the NFT startup co-founded by NFL icon Tom Brady, is undertaking a strategic transformation in response to the difficulties encountered during the bear market. The company’s revenue witnessed a decline in 2022, aligning with the overall downturn in the market. In May, Insider disclosed that Autograph had to downsize its workforce, resulting in over 50 employees being laid off.
Established by Brady in 2021, Autograph initially concentrated on facilitating the sale of NFTs by celebrities to their fan base. With a notable achievement in securing $170 million through a successful Series B funding round, the company made significant strides in the NFT landscape. However, the challenges of the bear market necessitated a shift in Autograph’s direction. Presently, their primary objective is to assist celebrities in cultivating deeper connections and fostering loyalty among their fans. To align with this new focus, Autograph has revised its marketing strategies, including the removal of certain crypto-related terminology.
Brady’s involvement with FTX, an exchange that has since faced bankruptcy, has presented challenges to his reputation in the crypto space. As a brand ambassador, Brady accepted approximately $30 million worth of shares, which has had consequential effects.
Despite encountering setbacks, Autograph remains resolute in its determination to navigate the dynamic NFT market and seek out fresh avenues for growth. The company’s strategic shift exemplifies its unwavering commitment to achieving success amidst the evolving market conditions.
