Please enter CoinGecko Free Api Key to get this plugin works.

Cryptocurrency Exchanges Compete for Super Bowl Spotlight

Executives from FTX and Bitbuy stated in an interview why they purchased advertisements for the big game.

Bitbuy spent nearly a quarter of its 2022 marketing budget on its Super Bowl ad, which featured Miami Heat point guard Kyle Lowry. As part of its advertising campaign, FTX will give away bitcoin.

Crypto firms FTX, Bitbuy, Coinbase, and Crypto.com are set to run Super Bowl ads on Sunday, marking the first time the industry has advertised during the game.

NBC revealed last week that some advertisers paid up to $7 million for a 30-second spot, but executives at FTX and Bitbuy said the cost is worth it for their companies.

“There is no other event in the United States where consumers actively look forward to being advertised to,” FTX marketing executive Nathaniel Whittemore disclosed in an interview

“Watching and selecting your favourite Super Bowl commercials is a part of the game’s tradition, and it’s a pretty unique opportunity to be a part of.”

According to NBC, more than 30 advertisers in this year’s Super Bowl — roughly 40% of the total group did not run an ad last year. The majority of the new advertisers are from the automotive, technology, and travel industries.

On Monday, FTX announced that it would be giving away bitcoin as part of a contest in conjunction with the advertisement. Although an FTX spokesperson declined to comment on the commercial, star power is to be expected.

Ads for the cryptocurrency exchange have featured seven-time Super Bowl champion Tom Brady and his wife Gisele Bündchen.

Last year, the company also appointed other prominent athletes as brand ambassadors, including Stephen Curry and Shohei Ohtani.

“This game serves as a capstone to a year in which there has been a massive increase in consumer awareness of the crypto industry,” Whittemore explained. “With more Americans than ever investing in their first cryptos or exploring NFTs, we thought it was a great time to bring crypto to the big game.”

Whittemore added that the costly Super Bowl ad purchase will not prevent FTX from conducting additional marketing campaigns in 2022.

According to Eric Chen, CEO and co-founder of Injective Labs, the Super Bowl will be the first time that the entire crypto industry will be in the spotlight.

“While the broader crypto market is calming down after major movements in 2021,” Chen explained, “FTX is attempting to increase platform adoption through advertising.” “We can’t predict the exact payoff of this investment, but we know it’s very beneficial to their PR coverage and global brand awareness.”

A Canadian cryptocurrency exchange is attempting to reach a new audience.

According to Binu Koshy, Bitbuy’s marketing and communications director, the Canadian crypto platform recently changed its marketing strategy to target more Gen X and baby boomers.

Its Super Bowl commercial, which stars Miami Heat point guard Kyle Lowry, will air in Canada. Lowry is well-known in the country for his nine-year tenure with the Toronto Raptors, where he won an NBA championship in 2019. Bitbuy primarily advertised through digital channels, where the majority of its users consume media, until about six months ago.

“We’ve reached a point where expanding our customer base necessitates attracting new consumer segments,” Koshy explained. “It’s not sustainable to keep speaking to the same early adopters who have already jumped into crypto over and over again.”

 

Bitbuy applied to become a registered cryptocurrency exchange, which is required to run the Super Bowl commercial. It received the honour on November 30 and signed Lowry two days later.

Though the ad was less expensive than the $7 million price tag in the United States, Koshy estimated that signing Lowry, as well as producing and purchasing the ad, consumed roughly 25% of the company’s marketing budget for 2022.

“That is a significant percentage, but we believe there is no other media event on the calendar that allows you to reach so many people at once,” Koshy explained.

“Studies show a direct correlation between sports fans and crypto investors, and we’re using the Super Bowl as a launching pad for our Kyle Lowry commercial to reach sports fans across all major sports leagues.”

He added that ads during live sports will account for 60 to 70 percent of Bitbuy’s marketing spend this year.

Crypto.com and Coinbase are also rumoured to be running advertisements during the NFL championship game. Both companies’ spokespeople declined to comment on the commercials.

The upcoming Super Bowl ad for Crypto.com follows a year of intensive marketing efforts that included purchasing the naming rights to what was formerly the Staples Centre in Los Angeles and producing a television commercial starring actor Matt Damon.

Last month, the company also collaborated with LeBron James, raising the possibility that the four-time NBA champion could appear in Crypto.com’s Super Bowl ad.

Coinbase, a cryptocurrency exchange, went public last year and claims to have over 70 million users.

Campaigns that are different

Binance is countering the Super Bowl ads with a marketing campaign urging people to “learn crypto and trust themselves.”

The crypto exchange’s campaign, which will not include a commercial during the game, features singer J Balvin, NBA All-Star Jimmy Butler, and MMA fighter Valentina Shevchenko.

Binance is encouraging Super Bowl viewers to visit CryptoCelebAlert.com when crypto commercials featuring celebrities air in order to claim one of 2,222 NFTs (non-fungible tokens) featuring Butler. The website will also include a crypto primer to help visitors understand the fundamentals of the technology.

“Our focus is on being user-first and empowering through education,” said by Binance representative. “While we recognise that our competitors are spending money to appear in primetime and drive crypto awareness, our counter-programming approach was designed to draw attention to the gap between awareness and adoption.”

Dapper Labs, based in Vancouver, also released NFTs with images of the conference championship trophies won by the Cincinnati Bengals and Los Angeles Rams.

Next week, additional NFTs featuring the Super Bowl and winning team logos, as well as the date and score of the game, will be available.

“I hope that with this newfound attention, crypto brands think deeply about how they can best educate the public about why this technology matters and how it can positively influence people’s lives,” Algorand’s head of marketing Keli Callaghan said.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Leave a Comment

Your email address will not be published. Required fields are marked *

Facebook
Twitter
Telegram

Recent Posts

Follow Us