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Cryptos: Top NFL draft pick Trevor Lawrence signs endorsement deal with crypto app Blockfolio

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Star football prospect and presumptive first overall selection in this week’s NFL draft Trevor Lawrence is signing a slew of endorsement deals including with Gatorade, Adidas
ADS,
-1.36%

— and cryptocurrency portfolio management app Blockfolio.

Lawrence announced the news on Twitter
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-13.44%
.

According to the Action Network, Lawrence accepted his signing bonus from this endorsement deal exclusively in crypto last Friday night in a mix of bitcoin
BTCUSD,
+7.05%
,
ethereum
ETHUSD,
+1.36%

and Solana. Each of these went up at least 7% between Friday night and Monday morning.

See also: NFL and audio platform Clubhouse agree to content deal for NFL draft

The deal from Lawrence is another example of professional athletes becoming more involved in cryptocurrency.

Kansas City Chiefs tight end Sean Culkin announced on Monday that he will convert his entire $920,000 base salary for 2021 into bitcoin. Culkin called bitcoin the “future of finance” during his announcement.

Lawrence’s deal with Blockfolio is also another example of athletes looking into atypical types of endorsements deals.

Last year’s No. 1 overall pick in the NFL draft, Joe Burrow, signed a sponsorship deal with EV automotive maker Lordstown Motors Corp
RIDE,
-0.71%
.

While both Lawrence and Burrow also signed more traditional athlete sponsorships with companies like Adidas, Gatorade and Nike
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-0.30%
,
this new wave of endorsements could represent a pivot to more unconventional deals.

In recent days bitcoin rebounded above $50,000 after a recent string of losses.

TaxWatch: Biden administration wants to give the IRS authority to regulate the ‘wild west’ of paid tax preparers

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