Crypto firms doubt efficacy of ads at Super Bowl

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Crypto firms doubt efficacy of ads at Super Bowl

16-02-2024 11:28

Crypto firms doubt efficacy of ads at Super Bowl

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Crypto firms doubt efficacy of ads at Super Bowl

Recently, there has been a question of whether crypto exchanges and digital assets need advertising. On the one hand, everyone knows about cryptocurrencies. On the other hand, attracting people’s attention to this sphere is a good idea. What is more, advertising may boost the confidence of market participants.

Shortly before the Super Bowl in the United States, it became known that crypto companies would not display their ads during this event in 2024.

According to Fox Business News, advertising at the Super Bowl in the United States would have created unnecessary hype and confusion in the crypto sphere. According to Mayur Gupta, marketing director of the Kraken digital asset exchange, the recent wave of crypto marketing was associated with such hype and the FoMO effect (fear of missing out). Mayur Gupta supposes that the current interest in the digital industry should be based on awareness of the essence and true value of cryptocurrency as a movement that will bring financial freedom.

Thus, Kraken's marketing director announced the position of the company, which refused to spend funds on Super Bowl commercials. Notably, during last year's match, which took place between the Chiefs and the Eagles, not a single cryptocurrency firm bought out advertising space. However, in 2022, before the collapse of FTX, some exchanges such as Etoro, Coinbase, FTX, etc., presented their logos at the event. In 2024, according to Fox Business News, major companies, including Bitwise and Blackrock, refused to advertise at the Super Bowl.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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