<img src="https://crypto.news/app/uploads/2023/11/crypto-news-NFL-ball-front-side-view-portrait-bolockchain-background-neon-colors.webp” />
As preparations for Super Bowl LVIII are in full swing, cryptocurrency companies are reportedly reducing their exposure, with most opting out of advertising during the highly anticipated event.
According to a crypto-absent-again-super-bowl-ads.amp” target=”_blank” rel=”noreferrer noopener”>report According to Fox Business journalist Eleanor Terrett, the clash between the San Francisco 49ers and the Kansas City Chiefs in Las Vegas will have very little crypto presence, and the inflated costs of Super Bowl commercials ($7 million for 30 seconds ) will lead companies in the space to reevaluate how they deploy their marketing budgets.
Terrett revealed that US cryptocurrency exchange market heavyweights such as Kraken will not be competing for airtime at this year's event.
According to her report, Kraken Chief Marketing Officer Mayur Gupta has stated that the company's focus is shifting towards a more global audience, advocating for a movement that values financial freedom and inclusion, rather than Super exposure. Bowl focused on the United States. She also reportedly emphasized the shift from hype-driven marketing to a more educational stance on the potential of cryptocurrencies.
Meanwhile, Coinbase, a longtime player in Super Bowl advertising, is redirecting funds toward policy advocacy, with an eye toward influencing comprehensive digital asset legislation and supporting sympathetic policymakers in the 2024 elections.
Its decision to potentially refrain from Super Bowl advertising underscores a broader reconsideration of marketing strategies across the industry. Since the collapse of FTX, the crypto industry has been marked by increased regulatory scrutiny and the sobering consequences of high-profile missteps.
Despite recent approvals of new bitcoin exchange-traded funds (ETFs), there will be a conspicuous absence of related announcements during the event, traditionally a playground for lavish trading debuts.
Big hitters like BlackRock and Grayscale have decided not to invest in Super Bowl airtime, which some may consider a missed opportunity. Still, it's not surprising given the timing of the ETF approvals and the general sentiment of caution currently enveloping the sector.
Terrett also clarified that if bitcoin ETF spot issuers had decided to advertise at Super Bowl LVIII, only Grayscale would have been allowed to broadcast its symbol GBTC.
This is due to a provision that allows only those entities with at least 12 months of trading history to advertise using their ticker. Only Grayscale meets this requirement, meaning other companies would have been restricted to general bitcoin (btc) exposure promotions without their specific tickers.
crypto is missing from the Super Bowl for the second year in a row
The last time cryptocurrencies had a real presence at the Super Bowl spectacle was in 2022, when a wave of cryptocurrency companies treated viewers to celebrity-laden ads.
Figures such as seven-time Super Bowl champion Tom Brady, basketball star Stephen Curry and comedian Larry David were recruited by the now-bankrupt FTX, sparking a “fear of missing out” with prompts to venture into the volatile world. of cryptocurrencies.
Most of these advertisers subsequently faced one challenge or another that prevented them from returning to the bright lights for another halftime show in 2023. FTX's bankruptcy and subsequent arrest of CEO Sam Bankman-Fried have become a warning about the fragility of the cryptocurrency market. . The scandal left celebrities like David, who was paid in cryptocurrency for his involvement, regretting his involvement.
After the so-called “crypto Bowl” (what fans called Super Bowl LVI), companies like crypto.com were forced to lay off employees despite their significant commitments, such as the $700 million for crypto naming rights. com Los Angeles Arena. .
Meanwhile, Coinbase, despite a memorable floating QR code in 2022, had to contend with a stock price drop of more than 70%, layoffs, and regulatory issues, including a sizable settlement due to lax account background checks.
Then last year crypto-ad-at-the-super-bowl-this-yea-1850107610″ target=”_blank” data-type=”link” data-id=”https://qz.com/there-was-only-one-crypto-ad-at-the-super-bowl-this-yea-1850107610″ rel=”noreferrer noopener”>only The cryptocurrency-related advertising that graced the Super Bowl came from a lesser-known entity: crypto gaming company Limit Break. Its $6.5 million bet on an nft-based gaming ad, DigiDaigaku, echoed the industry's seduction theme, leading viewers to a QR code that promised an nft claim but simply redirected to the Twitter page of the company's CEO.
