Hard Times in the Crypto Industry
The number of attention-grabbing commercials for bitcoin trading platforms increased during the most recent Super Bowl. The crypto sector has subsequently, however, encountered challenges, particularly FTX, which filed for bankruptcy in November 2022.
Arrest of Founder of FTX
Sam Bankman-Fried, the creator of FTX, was detained in December on suspicion of using client deposits to pay for political donations, real estate acquisitions, and hedge fund activities. To allegations of massive fraud, he has entered a not guilty plea.
Spending by Crypto Companies on Super Bowl Ads in 2022
According to statistics from the consulting company Kantar, crypto firms spent a total of $39 million on Super Bowl commercial spots in 2022. In 2022, the financial services industry underperformed, partly as a result of the low ROI from crypto advertising.
Limited use of cryptocurrency at the 2023 Super Bowl
Only a few references to the cryptocurrency sector were made during the 2023 Super Bowl, one of which was a commercial for the gaming business Limit Break that stated it was giving away digital tokens.