Crypto Winter Drains $194K From Old Man Tom Brady’s Pockets After Mammoth NFT Investment in April

The seven-time Super Bowl champion Tom Brady has many visions apart from football. And business is one of them. Despite having a net worth of $250 million, the veteran is finding ways to amass more wealth by investing and buying companies. Since the last time Brady won a Super Bowl ring, he ventured into the apparel business, NFTs, and many more. However, some of his recent investments seem to have slumped due to the ongoing recession in the crypto world.

The Tampa Bay Buccaneers quarterback founded an NFT platform Autograph last year and became one of the few athletes to endorse the web3 spaces in the public domain. This year, in April, he purchased an NFT from the Bored Ape Yacht Club collection that cost him around 133 ether, approximately $430000 at that time. However, a few months down the line, its value has plummeted by a margin of 68%. In today’s market, the same NFT is worth $235,436, and the best price for that is around $136,034.31.

Per reports, Tom Brady has lost nearly $194,000 since the dip and is expected to fall more in the coming days. Well, to some extent, it can be considered a big loss.

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The 45-year-old was smart enough to weigh and distribute this wealth in diverse ventures. When his NFT platform is finding it hard to generate revenue, the apparel brand BRADY is thriving with its profits. Even though Autograph is facing a tough time, the company has enough backing from renowned personalities in the Sports World.

Tom Brady-led venture raised $170 million in round B

Although there has been a dip in the value of the cryptocurrency, and there are concerns over the decentralized currency and its credibility, the NFL star was successful in convincing his business partners. Per the reports, his NFT venture raised $170 million in fresh capital earlier this year. It was the second round of fundraising led by financial ventures like Andreessen Horowitz and Kleiner Perkins.

In round 1, the company raised $35 million at a valuation of $700 million in pre-money. This shows the unfazed credibility of Brady’s brand in the market. This platform operates with the help of many athletes and their NFT collections.

Naomi Osaka, Tiger Woods, Simone Biles, Tony Hawk, and Usain Bolt are some of the athletes backing the company and are involved in the board of advisors. It will be interesting to see how the quarterback makes a comeback in his NFT business despite huge challenges in the ongoing market.

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