Crypto exchanges make their Super Bowl debut at critical time
BNN Bloomberg
It’s a testing time for crypto exchanges to be making their Super Bowl ad debuts.
It’s a testing time for crypto exchanges to be making their Super Bowl ad debuts.
Recruiting new users can be simple when prices are skyrocketing. It’s a bit harder after tokens like Bitcoin and Ethereum have lost some steam, now down 35 per cent from all-time highs.
Still, FTX Trading Ltd. and Crypto.com are due to run spots during the matchup between the Los Angeles Rams and the Cincinnati Bengals on Sunday when more than 100 million viewers are expected to tune in.
A Super Bowl ad can catapult a brand into the mainstream consciousness, which could help the exchanges boost crypto adoption coming off a painful downturn that’s made even some of the biggest advocates skittish about a potential bear market. A jump in new users after the game would help keep the platforms -- dependent on trading volumes -- growing.
That’s likely one reason they’re willing to pay top dollar for ad space with a 30-second slot this year costing as much as US$7 million, an all-time high. But the companies are no stranger to the high cost of advertising. At least US$112.9 million has been spent on national crypto-related ads since the start of 2020, according to iSpot.tv data provided by John Cassillo, a TVREV analyst.
