Cryptocurrency firms have been shut out from this yr’s round of Super Bowl commercials following a brutal stretch that included onetime industry leader FTX’s collapse out of business.
Crypto dominated the conversation finally yr’s Super Bowl, with 4 firms — FTX, Coinbase, Crypto.com and eToro — plunking down hundreds of thousands of dollars for 30 seconds of ad time and spending hundreds of thousands more on star-studded commercials featuring the likes of comedian Larry David and NBA superstar LeBron James.
But this Sunday’s broadcast of Super Bowl LVII won’t feature a single crypto ad as embattled firms contend with a wave of layoffs, bankruptcies and unprecedented legal scrutiny. The arrest of disgraced FTX founder Sam Bankman-Fried, who’s accused of bilking customers out of billions, was a key factor.
“There’s zero representation in that category on the day in any respect,” Mark Evans, executive vice chairman of ad sales for Fox Sports, told the Associated Press.
Prior to FTX’s bankruptcy, two crypto firms already had Super Bowl commercials “booked and done,” while two others were “on the one-yard line,” in response to Evans. Those deals evaporated because the extent of FTX’s troubles became public knowledge.
Larry David was named in a class-action lawsuit filed by burned FTX customers.FTX Official
FTX’s business starred David as a person skeptical of recent inventions.FTX Official
FTX and its competitors bought up Super Bowl ads last yr as a part of a significant marketing blitz meant to assist the firms, and the crypto sector as a complete, gain mainstream acceptance. The Super Bowl is the most-watched event of the yr, drawing nearly 100 million viewers within the US last yr.
The now-infamous FTX business featured David cynically dismissing famous inventions throughout the ages — reminiscent of the creation of the wheel and Thomas Edison’s light bulb. Near the top of the business, David dismissed FTX as a doomed project.
The business proved to be eerily accurate once FTX imploded — leading some web users to quip that David had been “right” all along. Meanwhile, David was named as a defendant in an ongoing class-action lawsuit filed by jilted FTX investors.
Crypto.com’s Super Bowl business last yr featured LeBron James.YouTube/Crypto.com
Bankman-Fried is under house arrest and faces as much as 115 years in prison if convicted on various fraud charges.
Coinbase’s ad, which featured a floating QR code, was so popular that it caused the platform’s website to briefly crash through the Super Bowl.
Crypto.com’s business featured James talking to a younger version of himself, while eToro’s business simply nudged viewers to trade crypto and other assets on its platform.
Coinbase, Crypto.com and eToro have each conducted layoffs during the last yr during a downturn within the sector.
Through Monday, the value of bitcoin has plunged nearly 48% to $27,965 in comparison with the identical day one yr ago.
Web users have joked that David was “right” in last yr’s Super Bowl business, where he predicted FTX could be a dud.FTX Official
The glut of crypto ads angered some lawmakers, including Senate Banking Committee Chair Sherrod Brown (D-Ohio), who questioned why they’d such a distinguished display through the Super Bowl.
“The ads left just a few things out. They didn’t mention the fraud, scams, and outright theft,” Brown said during a congressional hearing last February. “The ads didn’t indicate you can lose big in crypto’s huge price swings. They didn’t inform you concerning the high fees pocketed by the crypto firms.”
This yr, Super Bowl LVII business slots sold for between $6 million and $7 million per 30-second window. Some ad deals surpassed the $7 million threshold.
Super Bowl LVII kicks off Sunday at State Farm Stadium in Arizona.USA TODAY Sports
Alcohol brands replaced the crypto platforms because the Super Bowl’s biggest ad spenders. Budweiser parent Anheuser-Busch snapped up three minutes of ad time, while Heineken, Diageo, Remy Martin and Molson Coors are also represented.
Super Bowl LVII kicks off Sunday with a battle between the Kansas City Chiefs and the Philadelphia Eagles at State Farm Stadium in Arizona.
With Post wires
