Super Bowl Turns Super “LOL” For Crypto Advertisers

Key Takeaways:

  • Super Bowl advertisers beware! It didn't bode well for many.
  • Crypto advertisers didn't dodge the bullet.
  • FTX is the latest jinx victim.
Super Bowl Turns Super LOL For Crypto Advertisers

YEREVAN (CoinChapter.com) – Aside from being the annual final playoff game of the National Football League, the Super Bowl is a magnet event for big-budget advertisers. On Feb 14, 2022, the Super Bowl glued over 99 million viewers to the screens as NBC charged a record $6.5 million per 30 seconds.

Crypto advertisers flop after Super Bowl

Given the massive audience, the potential rewards from costly advertising campaigns should be warranted. Not so much for many crypto advertisers. Market Sentiment posted several such ‘victims’ of Superbowl advertising, who spent millions for prime-time attention but lost much more in the aftermath.

Crypto advertisers flop after Super Bowl

Several large crypto-related companies are on the list, including Coinbase, the largest crypto exchange in the US, and Meta, the former Facebook, which bet big on the Metaverse and lost even bigger as a result. FTX and the unmentioned Crypto.com also had front seats to the fiasco.

Coinbase: less talk, more Bitcoin!

Coinbase presented a controversial ad during the 2022 Super Bowl and reportedly paid $14 million for it. Of course, the ’90s kids got a kick out of the cryptic ad, as it was simply a QR code jumping from one corner of the screen to another, changing color.

The ad must have hit the motherload, but Coinbase got more love than it could handle. The commercial generated record traffic and crashed the exchange’s app. As a result, Coinbase’s shares (COIN) price fell 1.7% to $191.26 the same day.

Super Bowl was hardly to blame for what came next. Coinbase stock continued to crash along with the crypto market and declined 80% since Feb 14, hitting merely $50 on Nov 9, 2022.

Coinbase stock (COIN) price declined 80% after the Super Bowl.
Coinbase stock (COIN) price declined 80% after the Super Bowl. Source: TradingView.com

Crypto.com wasn’t safe from the Super Bowl Jinx

Another crypto exchange Crypto.com have paid millions for a Super Bowl spot and booked superstar basketball player LeBron James to feature in the video.

However, the exchange adhered to the ubiquitous trend and saw the in-house token CRO price lose 80% of its valuation. The latter stood at $0.094 on Nov 9.

Crypto.com (CRO) price fell 80% after the Super Bowl.
Crypto.com (CRO) fell 80% after the Super Bowl. Source: TradingView.com

FTX is headed for disaster

Now collapsed crypto exchange FTX also presented a Super Bowl commercial, paying $6.5 million per 30 seconds. Hence, for a 2.5-minute don’t-be-like-Larry ad, FTX coughed up north of $32 million.

The ad might have gotten FTX the attention at the time. Instead, the exchange infamously unraveled, making headlines for the previous two days. While FTX was ‘rescued’ by Binance, which plans to buy out the company, the contagion could still spread across the market, harming other platforms.

Will the Super Bowl jinx continue? Who knows, but crypto advertisers might not eagerly flirt with the idea in Feb 2023.

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