The New York Times reported Thursday that Tom Brady’s NFT startup has changed its strategy after experiencing difficulties in the bear market over the past year.

According to the report, which cites a person who is familiar with the firm’s finances, the revenue of the company dropped in 2022 due to the downturn on the digital asset markets. Insider revealed in May that Autograph had laid off over 50 employees. The Times also confirmed this report.

Brady founded Autograph with the goal of helping celebrities to sell NFTs. received $170 million Series B funding in the beginning of last year. According to The Times, the company has now shifted its focus to helping celebrities foster loyalty among their fans, and removed some crypto-language from its marketing.

Tom Brady’s reputation as a crypto enthusiast has been damaged by his endorsement of FTX. He had received around $30 million in shares from the exchange as part of his role of brand ambassador. Brady, as well as other celebrities who have endorsed FTX like his ex-wife Gisele and basketball player Stephen Curry are now being sued for allegedly misleading investors.

Autograph has not responded to the request for comment on this story.

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