From Boom To Bust: Crypto Ads See Dramatic Drop During Super Bowl | Bitcoinist.com
Crypto ads were one of the major highlights of the Super Bowl back in 2022, with crypto companies like Coinbase putting up a show. That is why the absence of crypto ads in this year’s Super Bowl couldn’t be ignored.
Many in the crypto community wonder why these companies choose not to capitalize on the buzz the footballing event generates.
Crypto Ads Fail To Make It To The Super Bowl
The Wall Street Journal reported how food makers were the highlight of this year’s commercial, with crypto ads failing to appear. This represents a total shift from 2022 when brands like Coinbase and even the defunct FTX secured a 30-second slot to air their commercial.
Although these crypto ads were also pretty absent during the 2023 Super Bowl, that was more understandable considering that many crypto companies were trying to keep their head above water in the middle of the ‘crypto winter.’
However, Fox Business reported that many of these companies still lack the money for such advertising despite more favorable market conditions. Bitcoinist had reported how advertisers would have to shell out a staggering $7 million to secure a 30-second spot for their commercials.
Meanwhile, crypto companies with the money for such advertising believe they can spend their budget elsewhere rather than the Super Bowl. Kraken’s Chief Marketing Officer (CMO) Mayur Gupta suggested that the crypto exchange was more focused on attracting users outside the United States, something which the Super Bowl might not be able to help achieve.
He also noted the shift in how crypto companies implement their marketing. In the last wave, companies advertising in the Super Bowl focused on hype and instigating FOMO (Fear of Missing Out). Now, marketing campaigns focus more on education and awareness.
Spot Bitcoin ETFs Issuers Also Got The Memo
Spot Bitcoin ETF issuers are willing to implement any marketing strategy necessary to assert dominance. That is why it wouldn’t have been surprising to see any of these issuers secure a 30-second spot at the Super Bowl. However, they all opted against doing so.
This suggests that these issuers also understand that crypto marketing has gone beyond the hype, and splurging such an amount on a Super Bowl airtime might be redundant. Interestingly, asset managers like BlackRock have also chosen to focus on creating awareness about the significance of cryptocurrencies, especially Bitcoin.
Meanwhile, issuers like Bitwise have found a way to connect with the crypto community to gain acceptance. The asset manager already pledged to donate 10% of its profit from Bitwise Bitcoin ETF to three non-profit organizations that fund Bitcoin open-source development.
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