- Crypto firms will not advertise during the Super Bowl on Sunday, due to the fallout of FTX’s collapse.
- Previously, coinbase spent $14 million on a QR code ad in 2022.
The Super Bowl, one of the biggest events for marketing events in the US, will have no crypto ads for the second year in a row. Most major crypto companies, including Coinbase, Kraken, and Bitcoin spot ETF providers, have decided to skip the advertising opportunity, citing various reasons.
The main reason for the absence of crypto ads is the timing of the SEC’s approval of spot Bitcoin ETFs in January 2024. The nine ETFs that were launched after the approval, including BlackRock’s IBIT and Fidelity’s FBTC, missed the chance to book Super Bowl ad slots, which were sold out in November 2023.
Another reason is the fallout of FTX’s collapse in late 2023, which resulted in a class-action lawsuit against the exchange and some of its celebrity endorsers, such as Tom Brady and Larry David. The lawsuit alleged that FTX and its promoters engaged in fraudulent and deceptive practices, causing losses to investors. FTX had a prominent Super Bowl ad in 2022, featuring David as a crypto skeptic.
Crypto Ads in 2022 vs 2024
The lack of crypto ads in 2024 contrasts with the crypto-heavy advertising in 2022, when the industry was booming and attracting mainstream attention. Coinbase, the largest US crypto exchange, reportedly spent $14 million on a 60-second ad that showed a QR code moving across the screen. Other crypto companies, such as Gemini, eToro, and BlockFi, also had Super Bowl ads in 2022.
However, the crypto market experienced a downturn in 2023, with Bitcoin losing more than 50% of its value from its peak in December 2021. The regulatory uncertainty, the environmental concerns, and the competition from Web3 platforms also affected the crypto industry’s growth and public perception.
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