Cryptocurrency companies have spent a lot of money promoting their products and services on mainstream media. And the 2022 Super Bowl was the latest addition to the cryptocurrency marketing blitzkrieg. Crypto exchanges such as crypto.com, FTX, and eToro are knocking out of the park with a wonderful display of ads featuring A-list celebrities like Matt Damon, LeBron James, and Larry David.
However, the most talked about advertisement was that of the Coinbase exchange platform. It featured a bouncing QR code on a black background, reminiscent of an old-school PC screensaver. The advertisement generated so much interest that the Coinbase promotional page eventually crashed due to the influx of viewers scanning the code and landing on the site.
The Super Bowl has always been a highly anticipated event. Not just for the baseball, but also for the fantastic halftime performance, long-awaited trailers and hilarious commercial breaks.
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This year’s edition of the super sporting event also scored high points in all these aspects. It featured halftime performances from rap legends like Dr Dre, Eminem and Snoop Dogg. Marvel has also created its trailer for the upcoming Doctor Strange movie. However, this time, crypto ads have also managed to make their mark in the multimillion-dollar Super Bowl ad slots.
Follow us as we walk you through the marketing chaos has been dubbed “the Crypto Bowl”.
The three-hour sporting event had its fair share of crypto presence. However, as mentioned above, the single advertisement that raised the most eyebrows was the advertisement of Coinbase, a platform for buying and selling cryptocurrencies. It consisted of a blank screen with a floating QR code and ambient background music.
At first, viewers were a bit confused. However, it wasn’t long before a few curious people finally pulled out their phones and scanned the code on the screen.
Once scanned, the QR code led people to Coinbase’s promotional website, which offered $15 worth of bitcoin to new Coinbase users. He also offered new signers the chance to participate in a $3 million giveaway. However, this was a very limited time offer and users only had until February 15 to redeem their free bitcoins.
What Coinbase did not expect was the consequence of offering a deal like this. As soon as people caught wind of the offer, almost everyone in the stadium started scanning the code. Subsequently, their signup app crashed due to the massive influx of people trying to get their share of free bitcoin.
The presence of other crypto companies
Other crypto companies were not far behind. Several of the biggest companies operating in the crypto space have used America’s biggest sporting event to promote their products and services.
FTX, a crypto exchange, has signed “Curb Your Enthusiasm” star Larry David for a 2-minute commercial. The ad took David through a montage of the most famous inventions, refusing to appreciate their importance and culminated with him not believing in cryptocurrencies.
FTX advertising executive and frequent collaborator David said in an interview with The Hollywood Reporter“It was the first idea that was perfect the way it was. Who better than Larry to downplay the sum total of human achievement and get it wrong? It was a fun idea, and we didn’t have to make a another pirouette. He was excited by the idea and that’s what drove him to do it. Then we started thinking about all the time periods, different inventions and the agency came up with all these ideas, and we were lobbying. At that point, the hard part became winnowing how much we could fit in 60 seconds.”
Crypto.com aired their infamous “Fortune Favors the Brave” ad that they originally aired in October last year featuring actor Matt Damon. They also ran a commercial called “The Moment of Truth” featuring basketball star LeBron James. The announcement involved James going back in time and talking to his past about the wonders of cryptocurrency and how it’s an opportunity he shouldn’t miss.
According to an article by The wealth, crypto companies paid a whopping $6.5 million for a spot at the Super Bowl. These ads underscore an upward trend that has been ongoing for the past two years. The popularity of digital assets is skyrocketing, even though they are speculative assets.
According to a journalist from Voice, Emily Stewart, there’s a crypto bubble forming, and she said, “If and when the bubble around some of these trendy investments bursts, a lot of people are going to get hurt and lose money.” Since so much of the crypto landscape is speculative, “venture capitalists and hedge funds are more likely to win the speculation game than the little guys caught up in the mania.”
(Edited by : Jomy Jos Pullokaran)