There will be no crypto ads for this year’s Super Bowl after the FTX crash

In context: Crypto trade insiders have been all abuzz final yr when a number of crypto-related advertisements appeared throughout Tremendous Bowl LVI. In 2022, crypto companies made daring pitches and spent tens of millions of {dollars} on advertisements encouraging viewers to spend money on digital property. However only one yr later, the crypto trade has been rocked by a significant droop in digital asset values. One of many highest profile crypto firms went bankrupt, and others are struggling to remain afloat. Coinbase, the one publicly traded firm within the group, has seen its shares fall by greater than 60% since its now-infamous “floating QR code” advert marketing campaign.

Fox Sports activities stated Monday that it could not permit cryptocurrency commercials throughout this yr’s Tremendous Bowl on February 12, following the collapse of crypto alternate FTX. Many companies within the cryptocurrency trade, together with Coinbase, Crypto.com, and FTX, marketed their firms through the sports activities occasion final yr. “There’s zero illustration in that class on the day in any respect,” stated Mark Evans, govt vp of advert gross sales for Fox Sports activities.

In line with Evans, two cryptocurrency firms had already reserved Tremendous Bowl advertisements, whereas others have been “on the one-yard line,” however the agreements have been canceled as the general public realized concerning the FTX rip-off.

The Tremendous Bowl is among the most alluring occasions for companies to promote on, with round 100 million folks watching it worldwide annually. In 2022, crypto companies spent $54 million on Tremendous Bowl advertisements in whole. One of many largest cryptocurrency exchanges within the U.S., Coinbase, enticed new prospects with the promise of free Bitcoin prizes in a viral advert that featured a bouncing QR code that crashed the corporate’s app. However this yr, you may anticipate none of that noise throughout Tremendous Bowl LVII.

FTX was price virtually $32 billion a yr in the past. Gisele Bundchen and Tom Brady appeared of their Tremendous Bowl industrial. Moreover, A-list celebrities like Larry David are at the moment mired in litigation for endorsing FTX through the 2022 Tremendous Bowl, so it isn’t shock this yr has seen a dramatic decline in celebrity-backed branding sponsorships within the crypto trade.

As you are doubtless conscious, in spite of everything that FTX promoting which will have appeared thriving on the floor, some 9 months later in November 2022, the corporate filed for chapter, a number of executives have been charged with wire fraud and conspiracy, and accused of misappropriating buyer funds.

Masthead credit score: Alan Geraghty