Crypto Winter Drains $194,000 From Old Man Tom Brady’s Pockets After Massive April NFT Investment

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Crypto Winter Drains $194,000 From Old Man Tom Brady’s Pockets After Massive April NFT Investment

Seven-time Super Bowl champion Tom Brady has many visions outside of football. And business is part of it. Despite having a net worth of $250 million, the veteran is finding ways to amass more wealth by investing and buying businesses. Since the last time Brady won a Super Bowl ring, he’s ventured into the apparel business, NFTs and more. However, some of his recent investments appear to have collapsed due to the ongoing recession in the crypto world.

The Tampa Bay Buccaneers quarterback founded an NFT Autograph platform last year and became one of the few athletes to endorse web3 spaces in the public domain. This year in April, he bought a NFT from the Bored Ape Yacht Club collection which cost him about 133 ethers, or about $430,000 at the time. However, a few months later, its value fell by a margin of 68%. In today’s market, the same NFT is worth $235,436, and the best price for it is around $136,034.31.

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By reports, Tom Brady has lost almost $194,000 since the decline and is expected to fall further in the coming days. Well, to some extent, that can be considered a big loss.

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The 45-year-old was smart enough to weigh and distribute this wealth among various businesses. While its NFT platform struggles to generate revenue, clothing brand BRADY thrives on its profits. Even though Autograph is going through a tough time, the company has enough support from well-known people in the sports world.

The Tom Brady-led company raised $170 million in Round B

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Although there has been a drop in the value of the cryptocurrency and there are concerns about the decentralized currency and its credibility, the NFL star has managed to convince his business partners. According to reports, his NFT business has raised $170 million in new capital earlier this year. This was the second round of fundraising led by financial firms like Andreessen Horowitz and Kleiner Perkins.

In the first round, the company raised $35 million for a pre-money valuation of $700 million. This shows the unflinching credibility of the Brady brand in the market. This platform works with the help of many athletes and their NFT collections.

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Naomi Osaka, Tiger Woods, Simone Biles, Tony Hawk and Usain Bolt are among the athletes supporting the company and serving on the advisory board. It will be interesting to see how the quarterback makes a comeback in his NFT business despite the huge challenges in the current market.

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