Fewer crypto firms are running advertisements during one of the nation’s most well-known sporting events as a result of the never-ending crypto winter and the high-profile implosion of FTX last November, which has cast a shadow over this year’s Super Bowl ads.
The Super Bowl, which attracted more than 112 million viewers in 2017, was an ideal time to take advantage of the growing interest in Bitcoin and other cryptocurrencies. Millions of dollars were spent on a crypto marketing blitz by cryptocurrency companies like FTX, Coinbase, Crypto.com, and eToro. One of the biggest cryptocurrency exchanges in the United States, Coinbase, attracted new clients by promising free Bitcoin prizes in a viral advertisement with a bouncing QR code that crashed the company’s app.
However, the amount of celebrity brand sponsorships in the cryptocurrency field has decreased this year as a result of A-list celebrities like Larry David currently being mired in legal trouble for endorsing FTX during the 2022 Super Bowl. Celebrities in Hollywood and well-known athletes are rethinking the level of legal risk they want to take by weighing the dangers of promoting what they see as untested and potentially lawsuit-inviting crypto products. Not to mention the risks of partnering with a digital asset business that can unexpectedly fail.
Additionally, it’s a significant expense that no longer appeals given that Super Bowl LVII advertising in 2023 are expected to cost between $6 and $7 million.
Regarding the absence of crypto advertisements during the 2023 Super Bowl season, Mark Evans, executive vice president of ad sales at Fox Sports, informed the Associated Press that there’s zero representation in the crypto ad category on the day at all.
The untimely bankruptcy of FTX last year might have played a role in it. Evans claimed that crypto companies had been contacting them about commercial opportunities and that some had even been “scheduled and done.” But as public mistrust of cryptocurrency has grown, they have since disappeared.
Nevertheless, there are a few dissenters in the field: Limit Break, a Web3 company, is investing in an advertising campaign to promote its Dragon NFT line in the hopes that average Americans will learn more about gaming NFTs. After a challenging crypto season, other cryptocurrency businesses will focus more on establishing trust. The NBA’s Rookie of the Year, Scottie Barnes, is the subject of a minute-long commercial from the Toronto-based cryptocurrency exchange Bitbuy. And TurboTax is taking use of the opportunity to promote its new services in crypto taxation with Jason Sudeikis.
It’s highly likely that we will hear the same refrain from Binance CEO Changpeng “CZ” Zhao this year as the Philadelphia Eagles and Kansas City Chiefs square off on Sunday, February 12 in Arizona: “It was not easy saying no to Super Bowl ads, stadium naming rights, and large sponsor deals a few months ago, but we did.”
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