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Kraken, ETF issuers, and other crypto giants pass on Super Bowl ads: Fox Business


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In 2022, Coinbase reportedly spent $14 million on a 60-second ad of a QR code moving around the screen. Yet after a year of no Super Bowl crypto ads, it’s currently unclear whether the country’s largest exchange plans to advertise at the Super Bowl on Sunday, one of the biggest marketing opportunities in the country. 

Many other major crypto companies have already confirmed that they’re passing on ads for the big game, including Kraken, the country’s second-largest exchange, according to Fox Business. Bitcoin Spot ETF issuers, including BlackRock and Grayscale, are not expected to advertising during the game either, as Super Bowl ad slots sold out in November, well before the approval of the spot ETFs last month. 

It’s a dramatic reversal from 2022’s crypto-heavy advertising, though not a shocking one in the aftermath of FTX’s collapse; some celebrities who once advertised for the exchange, including football legend Tom Brady and comedian Larry David, who starred in the company’s 2022 Super Bowl ad, found themselves subject to a class-action lawsuit accusing them of profiting improperly from FTX. 

Some Web3 companies are managing to promote their products in other ways, as well. Dapper Labs, the team behind NFL All Day, has promoted Super Bowl-related NFT drops featuring retired legends and multi-time Super Bowl champions Joe Montana and John Elway alongside the NFL playoffs leading up to the Super Bowl. 

The Super Bowl airs tomorrow and will be played between the San Francisco 49ers and the Kansas City Chiefs in Las Vegas, beginning at 3:30 pm local time. 

 

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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