Don’t expect a repeat of last year’s ‘crypto bowl’ now that the companies behind those ads are experiencing bankruptcy and layoffs.
Last year, Super Bowl LVI was effectively the crypto bowl for companies like FTX, Crypto.com, Coinbase, and others. Now, with only a week to go until the Eagles versus Chiefs matchup, Sports Business Journal reports that while FTX and other crypto businesses bought Super Bowl LVII ad spots from Fox, they’ve all backed out.
As LA faced off with Cincinnati for the NFL’s championship trophy, big-name celebrities like Matt Damon and LeBron James greeted TV viewers and attempted to convince them all to join the movement and invest in crypto. At the time, Bitcoin was valued at over $42,197.52 — but even after a rally in recent weeks, its price is down to $23,013.87.
Coinbase ran a “Less talk, more Bitcoin” ad that crashed its servers because the company was giving away money.
FTX aired a Super Bowl commercial that starred Larry David going through different eras of human ingenuity, in which he comically remained skeptical of wheels, toilets, lightbulbs, and, well, a crypto exchange app. Now the company is in bankruptcy proceedings, and its former CEO is facing federal fraud charges — so Sam Bankman-Fried’s now-defunct exchange won’t use the 60-second advertisement slot it had lined up.
Now just because Fox Sports didn’t sell any crypto ads this year doesn’t mean you won’t see any if you’re watching. You can buy ads locally for a lot less than the $7 million 30-second national spots go for, as The Verge knows from experience.
