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

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There’s been lots of confusion about Trevor Lawrence’s rookie signing bonus, and whether or not the No. 1 total decide in 2021 might need misplaced a spectacular sum of money by risking it on cryptocurrency, which as we all know, has crashed in latest months.

This week there have been broad stories that Lawrence misplaced nearly $15M on account of his deal. Full disclosure, right here at SB Nation we did as effectively — however the fact is that Lawrence probably didn’t lose his NFL cash. The confusion arises from a pre-draft endorsement deal Lawrence signed with “Blockfolio,” and the wording the corporate used once they inked Lawrence in April of 2021.

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

“This partnership marks the primary endorsement deal ever by which a big signing bonus has been paid completely in cryptocurrency. The bonus was deposited immediately into Lawrence’s Blockfolio account and included Bitcoin, Ethereum and Solana.”

There’s no such factor as a “signing bonus” relating to an endorsement deal. It’s merely the endorsement contract. You signal the deal, you receives a commission cash — or in Lawrence’s case, you get crypto. Whereas utilizing this sports activities time period is pretty innocuous, it’s right here the place issues took a bounce. Following the Blockfolio press launch, USA At the moment aggregated the information and it’s right here the confusion started.

The story conflated the phrase “signing bonus” which was given within the Blockfolio press launch, and blended it with Lawrence’s precise NFL signing bonus from the Jaguars — reporting it being $24.1M, and utilizing Spotrac as a supply.

“The presumptive No. 1 total decide within the 2021 NFL draft, nearly certainly headed to the Jacksonville Jaguars, has partnered with a worldwide cryptocurrency funding app known as Blockfolio and can place his signing bonus into an account with the corporate.”

“In keeping with Spotrac, the signing bonus for this yr’s No. 1 decide is an estimated $22,630,055.”

So now we’ve got an endorsement deal from Blockfolio, presumably pretty small within the scheme of issues, which was paid immediately in crypto — and now it has been linked to Lawrence’s enormous NFL signing bonus from the league, and misreported that cash was positioned into crypto. Whether or not an sincere mistake, or an try to make a narrative a bit of sexier, we’re left on the identical place: An endorsement take care of a crypto firm was paid in crypto, and nothing extra.

Then, on Tuesday, a author for the Solar Sentinel took data printed by Coinjournal, and made a tweet poking enjoyable on the Jaguars QB.

After all, we all know that is completely inaccurate — as a result of there’s no proof that Lawrence put his $24M into crypto. Nonetheless this was cited in quite a few tales writing up that Lawrence had fumbled the bag, regardless of it not being the case.

That is all excellent news. No person ought to root for anybody dropping their cash, whilst schadenfreude. Trevor Lawrence is a very nice dude, and it sucks to assume he botched the largest payday of his soccer profession — however as a substitute he most likely solely misplaced a piece out of that unique endorsement deal. It sucks, but it surely’s removed from devastating.

SB Nation.com has reached out to Trevor Lawrence’s sports activities company for remark, however has not obtained a response at the moment.



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