Super Bowl LVIII Sees Decreased Crypto Presence
Preparations for Super Bowl LVIII are underway, but cryptocurrency companies are scaling back on advertising during the event. The high costs of Super Bowl commercials have led firms in the crypto space to reassess their marketing budgets. Kraken, a major US crypto exchange, will not be vying for airtime this year. Kraken’s chief marketing officer emphasized a shift towards a more global audience and an educational approach to cryptocurrencies. Similarly, Coinbase is redirecting funds towards policy advocacy instead of Super Bowl advertising, reflecting an industry-wide reconsideration of marketing strategies.
Industry-wide Reconsideration of Marketing Strategies
The collapse of FTX and increased regulatory scrutiny have led to a cautious sentiment in the crypto industry. Despite recent approvals for new spot Bitcoin exchange-traded funds (ETFs), there will be no related ads during the Super Bowl. Even heavy hitters like BlackRock and Grayscale have decided against investing in Super Bowl airtime. Terrett clarified that only Grayscale would have been allowed to broadcast its ticker if spot Bitcoin ETF issuers had chosen to advertise. This is due to a provision that requires at least 12 months of trading history to advertise using a specific ticker.
Crypto Absence at the Super Bowl Continues
Crypto had a significant presence in the Super Bowl in 2022, but since then, companies faced challenges that prevented their return. FTX’s bankruptcy and CEO Sam Bankman-Fried’s arrest became cautionary tales about the fragility of the crypto market. Crypto.com had to lay off employees despite their hefty commitments, while Coinbase experienced stock price plunges, layoffs, and regulatory issues. Last year, the only crypto-related advertisement came from Limit Break, a lesser-known company that promoted an NFT-based game. The industry’s theme of enticement was reflected in the ad, which led viewers to a QR code that redirected to the company CEO’s Twitter page.
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