Crypto companies were once again absent from advertising in the Super Bowl despite its recent positive performance in the U.S. market.
Just a two years ago, the Super Bowl was the biggest showcase for crypto companies, notably exchanges such as the now defunct FTX, to increase their appeal to a mass audience. Last year, crypto was notably absent from the global event due to the ongoing bear market, but this year’s absence is more due to companies potentially realizing it’s just not cost-effective.
Earlier reports from Fox Business suggest that, although the financial situation of cryptocurrency firms has improved, the allocation of substantial advertising budgets to such a grand stage is no longer seen as a viable or efficient use of resources. Many in the industry now prefer to invest their marketing budgets in areas they believe will yield a higher return on investment, away from the immense pressure and spotlight of the NFL’s premiere event. The only notable presence of crypto during this year’s event was former Twitter CEO Jack Dorsey wearing a ‘Satoshi’ t-shirt.
Even Coinbase, who was a notable advertiser in previous Super Bowl events, chose not to participate in this year’s advertising lineup. Instead, the company has redirected its focus and financial resources towards political engagement, seeking to influence digital asset legislation through lobbying efforts and supporting crypto-friendly lawmakers in the lead-up to the 2024 election cycle.
Most surprisingly, there were no Bitcoin ETF ads during the event, even though issuers like BlackRock, BitWise, and Grayscale have been significantly aggressive with their marketing efforts on social media ever since ETFs were approved a month ago. BlackRock has launched several TV commercials in the U.S. since launch, and Grayscale launched a massive billboard campaign across the airports and New York subways. Yet, their absence from the Super Bowl suggests that firms are extremely cautious about how funds are utilized.