Following the FTX scandal and wider market downturn, crypto companies are set for a muted showing during this year’s Super Bowl.
Crypto mania dies down
Crypto firms marked last year’s Super Bowl with high-profile advertising campaigns, signaling the arrival of digital assets in the mainstream.
Coinbase, FTX, Crypto.com, and eToro, although not exclusively crypto-focused, all stumped up the minimum $6.5 million for advertising slots during the half-time interval. Binance opted to run ads around the game rather than during the premium slot.
Pundits saw the showing as a milestone moment for the nascent digital asset industry. More so, as months prior, the total market cap had reached an all-time high of $3 trillion, sparking curiosity among normies.
However, due to a multitude of factors, including the start of the Russian-Ukraine conflict, the beginning of the inflation spike, and risk-on uncertainty, the spending failed to bring about the expected “massive influx” of new users.
Since then, a series of scandals and bankruptcies, most notably the FTX saga, have rocked the space, triggering a change of tack from crypto firms.
Crypto firms change tack
eToro told CNN that it wouldn’t be advertising at this year’s Super Bowl. However, it continues to “invest heavily in marketing” via other channels.
“we dial up or down specific channels based on many factors including market conditions.”
Coinbase declined to comment on its advertising strategy, while Crypto.com did not respond.
Nonetheless, the Web3 gaming firm Limit Break will be at the Super Bowl. Company CEO Gabe Leydon said its interactive TV ad will giveaway 10,000 NFTs through viewers scanning the on-screen QR code.
“Limit Break’s free-to-own NFT model is literally game-changing, and these asset releases are key moments building up to our upcoming Super Bowl commercial.”
Bitstamp’s Head of Marketing, Silvia Lacayo, said crypto firms have shifted from spending on adverts to “investing in better user experiences, products, and customer service.”
Indeed, during the depths of crypto winter, Binance CEO CZ criticized rivals, particularly Crypto.com, for spending $700 million on the Staple’s Center naming rights, saying his firm is in a solid financial position having turned down these deals.
This year’s Super Bowl is scheduled for Feb. 12 and will feature the Philadelphia Eagles and Kansas City Chiefs.
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