Crypto Companies Will Reportedly Have No Presence During Super Bowl LVII
Zach Anderson Feb 08, 2023 10:40
In 2022, major crypto businesses released Super Bowl LVI ads, but at least four 2023 agreements failed to reach the endzone.
It has been claimed that viewers of the Super Bowl LVII, which will take place on February 12 and will feature a matchup between the Kansas City Chiefs and the Philadelphia Eagles, will not witness an abundance of commercials for cryptocurrency firms, as they did in 2022.
According to a report published by the Associated Press on February 6, there had been four potential deals with cryptocurrency firms for commercials in the 2023 Super Bowl that would have cost approximately $6 to $7 million. However, all of these deals fell through after FTX filed for bankruptcy in November. According to reports, the senior vice president of ad sales for Fox Sports, Mark Evans, said that large cryptocurrency firms will have "zero presence" on February 12, when about 100 million people might be tuned in to watch the football game.
Companies like as FTX, eToro, Crypto.com, and Coinbase all aired their first advertisements at Super Bowl LVI in 2022. In the FTX commercial that aired approximately nine months before the company filed for Chapter 11 bankruptcy and former CEO Sam Bankman-Fried was charged with fraud, comedian Larry David is heard telling customers "don't miss out" on cryptocurrency. This occurred around the same time that Bankman-Fried was charged with fraud.
Later on, David was included as a defendant in a class-action complaint that said he misled investors by promoting a cryptocurrency exchange without first doing enough research. Other well-known people, including as Matt Damon, who supported Crypto.com, and Naomi Osaka, a tennis star, who backed FTX, have also been subjected to criticism for their involvement in the cryptocurrency industry.
In contradiction to the information provided by the AP, the gaming startup Limit Break said on February 6 that it would broadcast an interactive advertising during Super Bowl LVII, during which it intends to give out nonfungible tokens (NFTs) with a dragon motif. The advertisement would apparently not depict a famous person, but rather it will have a QR code that viewers may scan.
After the cryptocurrency market crashed in 2022 and several companies, including FTX, Voyager Digital, BlockFi, and Celsius Network, declared bankruptcy, numerous authorities throughout the world began cracking down on cryptocurrency advertisements. According to recent reports, the Federal Trade Commission of the United States has initiated an inquiry into many cryptocurrency companies for "potential misbehaviour affecting digital assets." The governor of the Central Bank of Ireland said in January that he would support legislation that would prohibit the advertising of cryptocurrency projects to persons under the age of 18.
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