The Super Bowl is famous not only for being the NFL’s annual championship game, but also for the commercials that air between the games. This year, cryptocurrency companies bought up ad spots, allowing people to call Sunday’s show the “Crypto Bowl.”
The Super Bowl generates large audiences, with this year’s game drawing 112.3 million viewers, with some tuning in just to watch those ads. By running an ad during the Super Bowl, many companies will automatically draw viewers’ attention to them. This is what cryptocurrency companies like Coinbase Global Inc., Crypto.com, and FTX were hoping for.
FTX, in particular, recently reached a $135 million deal to rename the Miami Heat’s home stadium to FTX Arena. It’s no surprise that FTX ran an ad during this event.
“It’s a way of getting our name out there,” FTX founder Sam Bankman-Fried told The Wall Street Journal. “In terms of venues to do this, it’s hard to find a more hyped one than this.”
This year’s 30-second commercials sold for $6.5 million, according to CBS News. Individual ad costs are not reported, but are assumed to be the amount these cryptocurrency companies spent to acquire these coveted spots.
Tom Brady, who has appeared in FTX commercials before and is also an investor in the company, was scheduled to appear in commercials that aired during the Super Bowl. He didn’t, but comedian Larry David did. The company had guaranteed a Bitcoin giveaway.
“If the spot airs at 9:45 a.m. [p.m.] AND, they will give 9.45 BTC to four people,” an FTX representative told Blockworks.
Four cryptocurrency companies ran ads during the Super Bowl, which seems like a small number considering the number of cryptocurrency companies. Not all companies participated in this case because they did not necessarily see it as a good opportunity. “A Super Bowl ad doesn’t make sense to us,” Binance CCO Patrick Hillmann told CNN. “Crypto education doesn’t happen in 30-second Super Bowl commercials. It’s weird to market blockchain like you would a bag of chips or a light beer.
The purpose of these ads during the Super Bowl was to present cryptocurrency as an exciting opportunity that many viewers miss. These ads weren’t necessarily educational, but rather encouraged the thrill of investing in cryptocurrency to convince viewers that it’s something they need to be a part of.
According to the Pew Research Center, 86% of Americans have heard of cryptocurrencies, while 24% of that total have heard a lot. This percentage most likely increased after the Super Bowl and the airing of commercials.
With their own public personas and a combination of nostalgic and futuristic themes, it’s safe to say that other brands and companies, such as Squarespace Inc. and Amazon.com Inc., haven’t been overshadowed by crypto ads. -currency during the big match.