In context: Several cryptocurrency-related adverts appeared throughout Super Bowl LVI final yr, and cryptocurrency trade insiders had been very involved about it. In 2022, cryptocurrency firms ran daring campaigns and spent thousands and thousands on adverts encouraging viewers to put money into digital belongings. But only a yr later, the cryptocurrency trade has been rocked by a pointy decline within the worth of digital belongings. One of the highest-profile cryptocurrency firms has gone bankrupt, and others are struggling to remain afloat. Coinbase, the one publicly traded firm within the group, has misplaced greater than 60% of its worth since its now-infamous “floating QR code” advert marketing campaign.
Fox Sports stated Monday that it’ll not enable cryptocurrency adverts throughout this yr’s Super Bowl on Feb. 12 following the collapse of cryptocurrency change FTX. Many firms within the cryptocurrency trade, together with Coinbase, Crypto.com and FTX, promoted their firms throughout final yr’s sporting occasion. “There was zero rep for that class that day,” stated Mark Evans, govt vp of advert gross sales for Fox Sports.
According to Evans, two cryptocurrency firms had booked Super Bowl commercials whereas others had been “on the yard line,” however these offers had been canceled as the general public realized of the FTX rip-off.
The Super Bowl is without doubt one of the most commercially enticing occasions, watched by roughly 100 million folks worldwide annually. In 2022, crypto firms will spend a complete of $54 million on Super Bowl commercials. One of the most important U.S. cryptocurrency exchanges, Coinbase, promised free bitcoin prizes to lure new clients in a viral advert that featured leaping QR codes that crashed the corporate’s app. But this yr, you’ll be able to count on no such noise throughout Super Bowl LVII.
A yr in the past, FTX was value almost $32 billion. Gisele Bundchen and Tom Brady seem of their Super Bowl commercials. Additionally, with A-list celebrities like Larry David presently embroiled in lawsuits over their assist of FTX in the course of the 2022 Super Bowl, it’s no shock that celebrity-backed model sponsorships within the crypto trade have plummeted this yr.
As you most likely know, in November 2022, about 9 months after the FTX advert’s ostensible increase, the corporate filed for chapter and a number of other executives had been charged with wire fraud and conspiracy, and Accused of misappropriating consumer funds.
Masthead Source: Alan Geraghty
