Tom Brady’s NFT Venture & What Are Cryptokicks
Inside Autograph's success, and Nike x RTFKT's first drop
Cultured is a newsletter that gets readers up to speed on the most interesting things going on at the intersection of finance, art, collectibles, NFTs, and more. Cultured is produced by Otis, an alternative investment platform that was recently acquired by Public.com.
Love Cultured? Spread the word and share this newsletter with a friend!
🗞 STORIES OF THE DAY
Tom Brady’s legacy may be his NFT startup
Autograph, the Tom Brady-owned NFT startup, has made a name for itself by bringing the world of celebrity collectibles to the metaverse. Brady has managed to stand out in a crowded field of NFT projects by leveraging his star power (and that of his friends).
Like the name implies, Autograph relies on bringing a personal touch to the world of digital collectibles. The company sends iPads to every celebrity who mints an NFT on the platform so that they can digitally sign the item.
But Autograph has gone further, bringing the community-focused vibe of successful projects like BAYC to sports collectibles. Brady and friends like Rob Gronkowski host chats on Discord, helping connect them with collectors.
Our Take: Autograph’s personal touch is its big differentiator.
Brady and Gronk talked in their Discord chat about all of the crazy signatures fans have asked for. That personal touch is what collectors crave — and is often missing from digital collectibles. By sending iPads to celebs to sign their NFTs and offering intimate community events, Autograph has distinguished itself from the host of other (semi-successful) celebrity projects.
Nike and RTFKT drop their first collab
Almost half a year after buying RTFKT, Nike has released its first collab with the digital sneaker company. Cryptokicks are modeled after Nike Dunks and are available in 8 skins (basically colorways, but for the metaverse).
Cryptokicks were dropped to owners of Mnlth NFTs, which were mysteriously airdropped to holders of RTFKT’s Clone-X project (a collab with artist Takashi Murakami). Those who held onto the token have the option to burn it in exchange for a Cryptokick NFT.
Nike also filed a host of patents ahead of the launch, which offer clues about the brand’s future. Those include filings for downloadable digital wallet software, a crypto collectible blog, and online scavenger hunts.
Our Take: Nike’s decision to limit its drop to existing RTFKT customers shows the sneaker brand understands NFT collectors.
After buying RTFKT, Nike could have opened up the first drop to a broader audience — the sneaker brand certainly has a larger customer base than RTFKT does. But by deciding to limit the drop to holders of the Mnlth NFTs, it decided to reward long-term RTFKT supporters over a bigger short-term payout. That decision signals that Nike understands NFT collectors’ desire for mystery drops and the clout that comes with being an early adopter.
✨ AROUND THE INTERNET
K-Mart used to be the best place to buy baseball cards. Here’s why.
Saudi royals are offloading their high-value artworks and homes as the country’s monarch cracks down on ostentatious spending practices.
Christie’s is using a hologram to take a $20 million Degas sculpture on tour. It’s pretty sick, honestly.
A group of dealers was charged in a sports memorabilia fraud scheme. They allegedly faked signatures for Babe Ruth, Lou Gehrig, and other sports icons.
A version of “Washington Crossing the Delaware” is going up for auction at Christie’s. The last time it sold, in 1973, it broke the record for the most expensive painting.
