Autograph, Tom Brady’s NFT startup, adjusts strategy due to difficulties NYT.

NFL legend Tom Brady’s non-fungible token (NFT) startup venture is changing its strategy due to difficulties caused by the bear market in the past year, as reported by the New York Times on Thursday.

According to the report, the company’s revenue declined in 2022 due to the overall downturn in the digital asset market. Autograph, as confirmed by the Times, has laid off over 50 employees, as previously reported by Insider in May.

Brady co-founded Autograph in 2021 with the goal of helping celebrities sell NFTs to their fans. The company successfully raised $170 million in Series B funding at the beginning of last year. However, the company is now shifting its focus to helping celebrities build loyalty with their fans and has removed some cryptocurrency-related language from its marketing, as stated by the Times.

Tom Brady’s reputation in the cryptocurrency world has suffered due to his endorsement of FTX. He had accepted around $30 million worth of shares from FTX as part of his role as a brand ambassador for the now-bankrupt exchange. Brady, along with other celebrity endorsers of FTX such as his ex-wife Gisele Bundchen and basketball star Stephen Curry, are now facing lawsuits from FTX investors for allegedly misleading them.

Autograph has not responded to a request for comment regarding this story.

Read More: Nike Is Bringing Its .SWOOSH NFTs to EA Sports Games

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