Tom Brady is jumping on the NFT bandwagon in a big way, as he is launching an NFT company called Autograph. Launching this spring, Autograph will be developing digital collectibles in various categories, including sports, entertainment and fashion.
Tom Brady and Autograph CEO Dillon Rosenblatt will serve as co-chairs of this new NFT company. And, according to CNN, the advisory team includes Apple SVP Eddy Cue, Lionsgate CEO Jon Feltheimer, the DraftKings co-founders and other heavy hitters.
In case you’re not up on NFTs yet, it stands for non-fungible tokens. NFTs are cryptographic assets — essentially pieces of digital content — linked to blockchain, the same ledger system used for cryptocurrencies like Bitcoin. However, while Bitcoin can be traded and are essentially identical, NFTs are unique and can be verified as such with identification codes and metadata.
"Autograph will bring together some of the world's most iconic names and brands with best in class digital artists to ideate, create and launch NFTs and ground-breaking experiences to a community of fans and collectors,” said Dillon Rosenblatt, co-founder and CEO of Autograph.
Autograph says it will offer live auctions, physical product drops and in-person experiences.
According to data just released by TradingPlatforms.com, NFTs have experienced a compound annual growth rate of 187% from 2018 to 2020, and the total revenue from NFT transactions in 2020 was $55 million.
This year NFTs have really heated up. On March 16 a digital artwork NFT sold for $69 million at Christies Auction House. And the Jack Dorsey auctioned the first-ever tweet by himself for $3 million.
There are signs that NFTs values are waning a bit. According to NonFungible.com and as reported by CNN, prices for NFTs have fallen by 70% since February. The average price on April 5 was $1,256, compared to $4,000 in late February.
Nevertheless, the NFT trend will likely continue — and it just got a big boost by the biggest name in sports.