Tom Brady has set a bizarre record on the NFT Black Market
Tom Brady has always been seen as an innovator. As the most winning quarterback in NFL history, he finds ways to reinvent himself. The 44-year-old continues to improve during his career, and explores lifestyle and dietary choices to gain a head start. Off the field, Brady is also looking for ways to innovate. Now he is wading into the NFT sector.
Then it should come as no surprise that Brady is a hot commodity as a spokesperson. He gets many opportunities to join developing companies and startups. One of these involves non-fungible tokens, also known as NFTs. Not only is Brady getting involved in the room, but he has actually set a bizarre record related to it.
Meet Tom Brady’s NFT Company, Autograph
Let’s first look at Brady’s legitimate NFT-related business, a company he co-founded Autograph. According to Fortune, the startup has received $ 170 million in Silicon Valley funding. The goal of the company is to assist other celebrities in launching their own NFTs.
NFTs stand for non-fungible tokens. They are digital assets that are most often digital works of art. The “non-fungible” part of the term means that each one is unique. While you can exchange one Bitcoin for another, and the two are interchangeable, each NFT is unique.
Having previously served in both Apple Music and Cameo, CEO Dillion Rosenblatt heads the LA company. Brady has a significant amount of influence in the world of sports and entertainment, and he has been able to compile an impressive list of superstars who are ready to collaborate with the company. The customer list includes golfer Tiger Woods, former baseball icon Derek Jeter and tennis star Naomi Osaka.
With the popularity of NFTs growing, fans want to make money on celebrities. But Brady’s experience with NFTs is not just limited to this commitment. He has also been represented in that market in a rather rude way.
Tom Brady is one of the most imitated celebrities in the NFT black market
NFTs represent a unique new frontier at the intersection of technology and art. They are misunderstood by many, overestimated by some and underestimated by others. Because of this unpredictability, there are many opportunities for scammers to go crazy. Some celebrities, like Brady, are stuck in the crossfire.
According to The Hustle, there are reportedly 31,400 “fake” scam NFTs linked to Brady. It’s the most of any celebrity by a large margin. This is largely due to Brady’s popularity as the NFL’s most visible superstar.
Here’s how it works: A person designs a fake social media account that looks and acts like a particular celebrity (in this case Brady). The account then continues to convince fans to visit a website. This site may contain a phishing link to malicious software or ask them to purchase a fake NFT.
It’s social engineering at its worst. And that makes the place dangerous for any athlete or celebrity to get into.
The controversy behind athletes selling NFTs
Many celebrities are currently trying to make money on NFT craze. And why should they not? It is a very misunderstood area, where many investors with beginners see it as a scheme that can not be missed, get rich quick.
The main problem is with scams like those involving Brady. Scammers who pretend to be celebrities will try to abuse fans, steal their information or otherwise scam them into buying a worthless NFT.
According to the CEO of the cybersecurity company BrandShield, Yoav Keren, these scams give fans hope while giving them something that is not exclusive. “When you buy an NFT of a picture of Tom Brady, what the NFT represents is that you are the sole valid owner of the picture,” said Keren. “If someone sells you a fake, you’re not the real owner.”
Fake Brady-backed NFTs are probably not going anywhere, but for crypto-loving sports fans, beware. If anything seems too good to be true, it probably is.
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