No, Trevor Lawrence didn’t lose M by playing his rookie bonus on crypto

No, Trevor Lawrence didn’t lose $15M by playing his rookie bonus on crypto

There was a number of confusion over Trevor Lawrence’s rookie signing bonus and whether or not the No. 1 total decide in 2021 may have misplaced a spectacular sum of money by risking it on cryptocurrency, which, as we all know, has crashed in current months.

This week there have been widespread experiences that Lawrence misplaced practically $15 million on account of his deal. Full disclosure, we right here at SB Nation did too, however the fact is Lawrence most likely did not lose his NFL cash. The confusion stems from a pre-draft endorsement deal Lawrence signed with “Blockfolio” and the wording the corporate used after they signed Lawrence in April 2021.

When Lawrence joined Blockfolio, they introduced the sponsorship deal in a press launch. In it, they referred to the cash they have been paying Lawrence as a “signing bonus,” seemingly a shorthand method of making an attempt to sound sporty, saying they have been depositing the bonus right into a crypto pockets for QB.

“This partnership marks the primary sponsorship deal the place a big signing bonus has been paid solely in cryptocurrency. The bonus was deposited straight into Lawrence’s Blockfolio account and included Bitcoin, Ethereum and Solana.”

There isn’t a such factor as a “signing bonus” relating to an endorsement deal. It is simply the sponsorship deal. You signal the deal, you receives a commission cash or, in Lawrence’s case, you get cryptocurrency. Though the usage of this sporting time period is kind of innocuous, that is the place issues took a leap. After the Blockfolio press launch, USA At present added the information and right here the confusion started.

The story mixed the phrase “signing bonus” that was supplied within the Blockfolio press launch and conflated it with Lawrence of the Jaguars’ precise NFL signing bonus, reporting it to be $24.1 million and utilizing Spotrac because the supply. .

“The presumed No. 1 total decide within the 2021 NFL draft, virtually definitely headed for the Jacksonville Jaguars, has partnered with a worldwide crypto funding app known as Blockfolio and can place his signing bonus into an account with the corporate.”

“In line with Spotrac, the signing bonus for this 12 months’s No. 1 decide is estimated at $22,630,055.”

So now we’ve got a Blockfolio endorsement deal, presumably fairly small within the scheme of issues, that was paid straight in crypto, and has now been linked to Lawrence’s enormous NFL signing bonus from the league, and is wrongly reported. that the cash was positioned in crypto. Whether or not it is an sincere mistake or an try to make the story slightly sexier, we’re left with the identical place: an endorsement cope with a crypto firm was paid for with crypto, and nothing else.

Then on Tuesday, a Solar Sentinel author took data revealed by Coinjournal and made a tweet mocking the Jaguars QB.

In fact, we all know that is fully inaccurate, as a result of there isn’t any proof that Lawrence put his $24 million in crypto. Nevertheless, this was cited in quite a few tales that wrote that Lawrence had misplaced the bag, though that was not the case.

All of that is excellent news. Nobody ought to assist anybody dropping their cash, even like schadenfreude. Trevor Lawrence is a very nice man, and it sucks to suppose that he blew the largest payday of his soccer profession, however as an alternative, he most likely simply misplaced a part of that unique endorsement deal. He sucks, however he is removed from devastating.

SB has reached out to Trevor Lawrence’s sports activities company for remark however has not obtained a response right now.

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