In context: Crypto business insiders had been all abuzz final yr when a number of crypto-related advertisements appeared throughout Tremendous Bowl LVI. In 2022, crypto companies made daring pitches and spent thousands and thousands of {dollars} on advertisements encouraging viewers to put money into digital belongings. However only one yr later, the crypto business has been rocked by a significant stoop in digital asset values. One of many highest profile crypto corporations went bankrupt, and others are struggling to remain afloat. Coinbase, the one publicly traded firm within the group, has seen its shares fall by greater than 60% since its now-infamous “floating QR code” advert marketing campaign.
Fox Sports activities mentioned Monday that it could not enable cryptocurrency commercials throughout this yr’s Tremendous Bowl on February 12, following the collapse of crypto alternate FTX. Many companies within the cryptocurrency business, together with Coinbase, Crypto.com, and FTX, marketed their corporations through the sports activities occasion final yr. “There’s zero illustration in that class on the day in any respect,” mentioned Mark Evans, government vice chairman of advert gross sales for Fox Sports activities.
In keeping with Evans, two cryptocurrency corporations had already reserved Tremendous Bowl advertisements, whereas others had been “on the one-yard line,” however the agreements had been canceled as the general public realized concerning the FTX rip-off.
The Tremendous Bowl is among the most alluring occasions for companies to promote on, with round 100 million folks watching it worldwide every year. In 2022, crypto companies spent $54 million on Tremendous Bowl advertisements in whole. One of many largest cryptocurrency exchanges within the U.S., Coinbase, enticed new clients with the promise of free Bitcoin prizes in a viral advert that featured a bouncing QR code that crashed the corporate’s app. However this yr, you possibly can count on none of that noise throughout Tremendous Bowl LVII.
FTX was price virtually $32 billion a yr in the past. Gisele Bundchen and Tom Brady appeared of their Tremendous Bowl industrial. Moreover, A-list celebrities like Larry David are presently mired in litigation for endorsing FTX through the 2022 Tremendous Bowl, so it is not shock this yr has seen a dramatic decline in celebrity-backed branding sponsorships within the crypto business.
As you are seemingly conscious, in any case that FTX promoting which will have seemed thriving on the floor, some 9 months later in November 2022, the corporate filed for chapter, a number of executives had been charged with wire fraud and conspiracy, and accused of misappropriating buyer funds.
Masthead credit score: Alan Geraghty