• Crypto companies scale back massively for Super Bowl LVII
• Last year, crypto firms marked the Super Bowl with high-profile ad campaigns
• Crypto spend is now focused on user experience, products, and customer service rather than glitzy adverts
Crypto Companies Scale Back for Super Bowl LVII
The crypto industry marked last year’s Super Bowl with high-profile advertising campaigns signaling the arrival of digital assets in the mainstream. However, following a series of scandals and market downturns, crypto companies are set for a much more muted showing during this year’s event.
Crypto Spending Shifts Focus
Coinbase, FTX, Crypto.com and eToro all stumped up the minimum $6.5 million for advertising slots during the half-time interval last year. Binance opted to run ads around the game rather than during the premium slot. Despite this heavy spending however, it failed to bring about an expected „massive influx“ of new users due to a multitude of factors such as inflation spike and risk-on uncertainty.
Companies Change Tack
In response to this situation, crypto firms have shifted their focus away from spending on adverts towards investing in better user experiences, products and customer service. For example, Web3 gaming firm Limit Break will be at this year’s Super Bowl and they will giveaway 10,000 NFTs through viewers scanning an on-screen QR code. This illustrates how companies are now focusing more on providing users with tangible benefits instead of merely marketing themselves through flashy commercials.
FTX Scandal Rocks Space
The FTX scandal has had a major impact on the crypto space which has further contributed to these changes in attitudes among industry players towards advertising expenditure at events such as Super Bowl LVII. In addition to this scandal there have been other bankruptcies which have rocked the space leading to further caution when it comes to big budget promotional activities at major events like sports matches or concerts.
It appears that after last years failed attempts by cryptocurrency firms to gain widespread recognition through expensive advertisements at events like Super Bowl LVIICrypto spend is now focused primarily on improving user experience and providing customers with tangible benefits rather than attempting to make a splash through flashy commercials or extravagant ad campaigns.