Several leading crypto companies, including crypto exchange Kraken, chose not to run ads during the annual Super Bowl LVIII in the US as they aim to appeal to a more global audience.
“The Super Bowl is a very U.S.-centric event, and the next wave of crypto users will come from all around the world, not just the United States,” Mayur Gupta, Chief Marketing Officer at Kraken, told FOX Business.
Gupta also emphasized a transition in crypto advertising that moves beyond just generating hype and focusing more on educating the public on crypto and its associated benefits.
“If the last wave of crypto marketing was all about hype and FOMO (Fear of Missing Out), this current wave has to be rooted in education and awareness for the substance and true value proposition of crypto as a movement that will bring financial freedom and inclusion, ” said the Kraken executive.
"If the last wave of crypto marketing was all about hype and FOMO, this current wave has to be rooted in education and awareness for the substance and true value proposition of crypto as a movement that will bring financial freedom." – CMO @mayurgupta77 https://t.co/8AudWXSQmy
— Kraken Exchange (@krakenfx) February 11, 2024
In 2022, the annual sporting event was dubbed the “Crypto Bowl” as crypto commercials dominated the game’s ads. FTX stood out as a major advertiser that year with an ad featuring comedian Larry David.
Companies including Coinbase, Crypto.com and eToro were among other crypto giants that invested heavily in the 30-second commercials during the biggest NFL game of the year in 2022.
However, Super Bowl LVII banned crypto ads in 2023 as crypto firms struggled with layoffs, bankruptcies and intense legal scrutiny in the aftermath of FTX’s collapse at the end of 2022.
The ban was lifted for this year’s event, but leading firms decided not to use its platform to reach out to the more than 100 million viewers the sporting event has drawn annually since 2010.
No spot bitcoin ETF ads during Super Bowl…
Not huge surprise given cost (& paltry ETF expense ratios), but would have created *enormous* buzz.
— Nate Geraci (@NateGeraci) February 10, 2024
The world’s largest asset manager, BlackRock, also chose not to secure any advertising slots for its spot Bitcoin ETF (exchange-traded fund). This is after speculation of a Super Bowl ETF ad appearance grew following the recent approval of the investment products by the Securities and Exchange Commission.
In a Feb. 8 X post, asset management firm VanEck said that no crypto ads in the event “will be a good sign.”
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