Tom Brady is one of the most successful and influential athletes in the world. The seven-time Super Bowl champion and five-time MVP has been dominating the NFL for over two decades, playing for the New England Patriots and the Tampa Bay Buccaneers. But Brady is not only a football legend, he is also a crypto enthusiast and investor.
In this article, we will explore how Tom Brady got involved in the crypto space, what are his crypto ventures and partnerships, and what are his crypto losses and challenges.
How Tom Brady Got Involved in the Crypto Space
Tom Brady’s interest in crypto started in 2021, when he changed his Twitter profile picture to include laser eyes, a popular meme among crypto supporters that signifies bullishness and optimism. Brady later revealed that he had been following the crypto market for a while and that he was a big fan of Bitcoin.
Brady also said that he had been influenced by some of his teammates and friends who were into crypto, such as Rob Gronkowski, who launched his own NFT collection, and Jason Koonce, who is a prominent sports card collector and trader.
Brady decided to take his crypto passion to the next level by launching his own NFT platform called Autograph in April 2021. Autograph is a platform that brings together some of the biggest names in sports, entertainment, fashion, and pop culture to create and sell unique digital collectibles. Autograph also partnered with DraftKings to launch a marketplace for NFTs.
In May 2021, Brady announced another major crypto partnership with FTX, one of the world’s largest cryptocurrency exchanges. Brady became a brand ambassador and an equity shareholder of FTX, along with his wife Gisele Bündchen, who also became an environmental and social initiatives advisor for FTX. As part of the deal, Brady and Bündchen received an undisclosed amount of FTX tokens.
What are Tom Brady’s Crypto Ventures and Partnerships
Tom Brady has been actively involved in various crypto ventures and partnerships, both as an investor and as a creator. Some of his notable crypto ventures and partnerships are:
- Autograph: As mentioned above, Autograph is Brady’s own NFT platform that features exclusive digital collectibles from various celebrities and icons. Autograph also produces NFTs featuring Brady himself, such as his first touchdown pass or his Super Bowl rings.
- FTX: As mentioned above, FTX is one of the world’s largest cryptocurrency exchanges that offers various products and services, such as futures, options, spot trading, leveraged tokens, etc. FTX also sponsors various sports teams and leagues, such as the Miami Heat, the MLB, and the LCS.
- Solana: Solana is a high-performance blockchain that claims to be the fastest and most scalable in the world. Solana can process over 50,000 transactions per second with low fees and high security. Solana also hosts various DeFi and NFT projects, such as Serum, Audius, Star Atlas, etc. Brady invested in Solana in August 2021 through his venture capital firm TB12 Sports.
- Immutable X: Immutable X is a layer-2 scaling solution for Ethereum that enables instant and gas-free transactions for NFTs. Immutable X also supports various NFT games and platforms, such as Gods Unchained, Guild of Guardians, Illuvium, etc. Brady invested in Immutable X in September 2021 through his venture capital firm TB12 Sports.
What are Tom Brady’s Crypto Losses and Challenges
Tom Brady’s involvement in the crypto space has not been without losses and challenges. Some of his crypto losses and challenges are:
- FTX collapse: FTX was one of the leading cryptocurrency exchanges until it collapsed in November 2021 due to a massive hack that resulted in the loss of over $2 billion worth of cryptocurrencies. The hack also triggered a market crash that wiped out billions more from the crypto industry. Brady reportedly lost $30 million in the FTX collapse, as well as his reputation and credibility as a brand ambassador.
- Tax payments: Brady may face hefty tax payments for his crypto earnings and holdings, depending on his residency and income level. According to some estimates, Brady could owe up to $15 million in taxes for his FTX tokens alone, based on their peak value in May 2021.
- Lawsuit: Brady may also face a lawsuit from a group of FTX investors who are seeking compensation for their losses from the FTX collapse. The investors claim that Brady and other FTX representatives misled them about the security and reliability of the exchange, as well as promoted it without proper disclosure or registration.
Conclusion
Tom Brady is one of the most successful and influential athletes in the world who is also a crypto enthusiast and investor. Tom Brady got involved in the crypto space in 2021, when he launched his own NFT platform called Autograph and became a brand ambassador and an equity shareholder of FTX. Tom Brady also invested in various crypto projects and platforms, such as Solana and Immutable X.
However, Tom Brady’s involvement in the crypto space has also been accompanied by losses and challenges, such as the FTX collapse, tax payments, and a lawsuit. Tom Brady’s crypto journey shows both the opportunities and the risks of the crypto industry, as well as the need for caution and due diligence.