“Financial advisers of the bankrupt cryptocurrency platform FTX are considering recovery of millions paid for celebrity endorsements. This involves navigating sponsorship fees under bankruptcy regulations. FTX’s documents reveal prepayment transfers to athletes and teams for advertising agreements, however, due to insufficient record-keeping, some transactions might go unnoticed.”
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NFL Legend’s NFT Startup Reinvents Amid Market Downturn: A Cautionary Tale in Crypto Investments
NFT start-up Autograph, co-founded by NFL legend Tom Brady, faces challenges amid bearish market forces, resulting in significant layoffs and strategic shifts. Once focused on selling NFTs, the company now aims to foster celebrity-fan loyalty. Brady’s crypto involvement, specifically with now-bankrupt FTX, have also come under scrutiny, highlighting the volatile nature of the digital asset market.