Crypto-companies are allegedly spending millions to get the sports sponsorship for the Super Bowl telecast on February 13, 2022. Coinbase Global, FTX, and Crypto.com will all have a commercial during the game, according to the Wall Street Journal.
According to Adweek, these firms are shelling out over USD 7 million for 30 seconds of NBC ad time. According to Pew research only 16 percent of Americans had invested or were trading in cryptocurrencies as of the end of last year.
Bitcoin’s price has dropped about 50percent from its peak last year as of early this month. JP Morgan, for example, cut its long-term price prediction for Bitcoin from USD 150,000 to USD 150,000. The bank believes that their new price projection for gold is USD 38,000, based on the asset’s volatility and market size. Many people are reminded of the “Dot-Com Super Bowl of 2000” in the wake of this uncertainty for the incoming class.
In the Dot-Com Era, the Super Bowl included advertising from 14 online startups and several IT corporations, according to Adweek. Crypto-megacorporations have placed a significant bet on the mainstream by drawing a total of 96.4 million viewers across all media in a sports event.
Crypto.com spent USD 6.5 million for a 30-second broadcast on NBC, while FTX paid USD 20 million for a comparable spot, according to an AMBCrypto article. According to Sprout Social analysis, after two months of Crypto.com’s ad launch in late October, the number of unfavourable crypto-tweets quadrupled from 8percent to 16percent.