The Super Bowl is the annual final game of the National Football League that determines the league champion. It has been prevalent since 1966 and has been happening on the second Sunday in February since 2022.
Super Bowl LVII is approaching on February 13, 2023. The last Super Bowl was all over the news as various cryptocurrency companies promoted their ads. Super Bowl LVII was literally named the “Crypto Bowl.” During the last game, FTX, Coinbase, Crypto.com, and eToro were all filling the stadium with advertisements.
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Ever since the last Super Bowl, the cryptocurrency realm has gone through a string of unfortunate events. FTX, which was one of the key advertisers, has now collapsed. Let us take a glimpse at the four cryptocurrency firms that caught attention during the last Super Bowl.
The FTX exchange had a good run in the first half of 2022 but slowly dug its own grave by the end of it. FTX filed for bankruptcy, and SBF stepped down as the CEO as reports of misappropriation of funds were unveiled.
The SEC charged SBF with defrauding investors, and later on, he was arrested in The Bahamas. One of the largest cryptocurrency behemoths, which was reportedly worth over $32 billion, collapsed in a span of a few days. Its repercussions impacted several cryptocurrency firms as well as millions of investors.
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Crypto.com was all over the arena during the Super Bowl and also at the last FIFA World Cup. The cryptocurrency exchange didn’t shy away from advertising and also partnered up with NBA legend LeBron James for a Super Bowl commercial.
However, the downturn of events in 2022 had repercussions on the exchange as well. The firm is planning to lay off almost 20% of its workforce. It had also previously laid off 5% of its employees in July 2022.
Among other cryptocurrency Super Bowl ads, the Coinbase ad was most likely one of the most talked about. The ad had almost crashed the website of the exchange for a brief period of time, with the chief product officer reporting over 20 million visits within a minute.
However, in comparison to FTX and Crypto.com, Coinbase had a comparatively sturdy year. Brian Armstrong, the Coinbase CEO, also stated in an interview that he is expecting the 2022 revenue to be 50% lower than that of 2021. Nevertheless, Coinbase remains one of the strongest cryptocurrency exchanges out there.
eToro was definitely not the most popular out of the four cryptocurrency companies they advertised themselves. Even though it was relatively strong in 2022, it still laid off 6% of its employees over the summer.
The Super Bowl in 2022 was viewed as an opportunity by cryptocurrency companies to boost adoption and brand recognition. Businesses went to great lengths to set themselves apart from rivals. But most importantly, to convey the idea that cryptocurrency is prepared for recognition and acceptance by the general public.