Despite recent strong performance in the US market, crypto companies once again skipped advertising at the Super Bowl.
Just two years ago, the Super Bowl was the biggest showcase for crypto companies, especially exchanges like the now-defunct FTX, to increase their mass appeal. While cryptocurrencies were noticeably absent from global events last year due to the bear market, this year's absence is more likely due to companies realizing that cryptocurrencies are not cost-effective.
A previous report from Fox Business said that although the financial position of crypto companies has improved, allocating large advertising budgets to such a big stage is no longer considered a viable or efficient use of resources. suggests. Many in the industry now appear to prefer to move away from the immense pressure and attention of the NFL's premier event and invest their marketing budgets in areas where they believe they will have a higher return on investment.The only notable crypto presence at this year's event was the former CEO of Twitter. jack dorsey I'm wearing a “Satoshi” T-shirt.
Even Coinbase, a prominent advertiser at past Super Bowl events, chose not to participate in this year's advertising lineup. Instead, the company is directing its focus and resources to political engagement, seeking to influence digital asset laws through lobbying and supporting crypto-friendly lawmakers ahead of the 2024 election cycle.
Most surprisingly, even though issuers such as BlackRock, BitWise, and Grayscale have been very active in their marketing efforts on social media since the ETF was approved a month ago, during the event There were no advertisements for Bitcoin ETFs. Since its launch, BlackRock has launched several television commercials in the US, and Grayscale has launched a major billboard campaign at airports and throughout the New York subway. But the absence from the Super Bowl suggests that companies are being extremely cautious about how they spend their money.
