Little is known about the Super Bowl in other countries outside of the United States, but it is considered to be a very risky competition that can influence many of those involved, and specifically, not just the athletes who are out there on the field.
But the idea now is for crypto to reach 100 million people in the US, and in order to do that, advertisers must pay millions of dollars just for a few seconds of airtime.
With this, it looks like cryptocurrency companies are the newest breed of marketers looking to make a rather dramatic entrance into 2022. Its first step is to leave a lasting impression on the viewers.
Two cryptocurrency companies, mainly FTX Trading and Crypto.com, are among some of the few players in the crypto industry that are set to participate on Feb. 13’s game.
According to NBC, the cost of an advertisement that would run for 30-seconds this year is a whopping $6.5 million, and that particular amount is nothing but a fraction of the general expenditure that marketers will have to shoulder.
Millions more are projected to be spent by them in generating ad campaigns and other relevant marketing strategies that, as far the quality is concerned, are even on par with films.
With this, 2022 will be a big year for cryptocurrencies which are plunging into the clash of Super Bowl ads which usually features brands that have long-established themselves in the industry, such as liquor companies and car brands.
With a broad audience watching the game hailing from various countries, about four of every 10 of its viewers who are between the ages of 18 and 49 will be able to watch the Super Bowl ads, the very age most crypto buyers are in.
Obviously, much like the practice of trading cryptocurrency, this particular move of advertising at the Super Bowl does not ensure actual success. In the likelihood that you think of investing in cryptocurrency, try out platforms such as Bitcoin Era.
Years ago, more than a dozen new online companies, such as E-Stamp.com and Pets.com, acquired airtime in the Super Bowl way back in 2000, it was then known as the “dot-com” of Super Bowl, but it did not prosper entirely.
Some of those companies, such as AutoTrader and WebMD, are still around, while others have gone out of business altogether.
Likewise, a company’s popular one-time big shot advertisement does not ensure that it will succeed in the long run. Despite the fact that the famous sock-puppet from Pets.com was a big success with Super Bowl viewers, this dot-com lost money as an online retailer and ultimately lost consumers.
Also, certain commercials might also have a chance to backfire and harm a company’s reputation. For instance, the Just for Feet ad from 1999, which was dubbed “the ad from hell” by Salon.com because it featured White hunters following a barefoot Kenyan runner, drugging him, and forcing shoes on his feet.
This ended badly as eventually, it led to the footwear firm suing its advertising company. But in light of this, FTX.com has a strange idea in mind: which is to give out bitcoin to its viewers. The company said that it would be giving away a bitcoin equivalent to the precise time the ad appears in the game, according to the teaser.
In this case, this corporation would then give away 8.5 bitcoin, worth around $360,000 based on its recent price if the ad ran at, for example, 8:50 p.m. According to the company, four people will each win the prize.
Fans are quite familiar that currently-retired seven-time Super Bowl champion Tom Brady has appeared in past ads of FTX, a crypto exchange that recently raised $32 billion in funding and ran an ad during Sunday’s game.
It’s also common knowledge that Bradley and his wife, Gisele Bündchen, own a stake in the company. Although people somehow expected Brady, he did not, however, appear in Sunday’s ad that featured Larry David and lasted less than three minutes.
On the other hand, cryptocurrency exchange platform Binance has a Super Bowl ad campaign starring professional basketball player Jimmy Butler. In the commercial, viewers would see Butler as he warns potential crypto investors not to place a lot of confidence in other cryptocurrency companies or platforms that are advertising as well during the Super Bowl.
According to NBC, the most expensive Super Bowl advertising will cost around a record $7 million this year. If it will be put in cryptocurrency terms, it’s going to be within the range of around 160 bitcoin or 2,200 ether, which many of the major game’s advertising are well-aware of.
Despite the fact that bitcoin’s value has plummeted by more than 35 per cent from its all-time high just a few months ago, cryptocurrencies still took centre stage during the Super Bowl LVI ad breaks as millions watched.
Butler also has another ad with Miami Heat teammate (and former Toronto Raptor). Kyle Lowry was featured at a Super Bowl ad by Bitbuy, a crypto trading firm based in Toronto. The ad joked about Lowry and how he has missed a lot of shots in his career, but the ad encourages investors to take advantage of crypto trading and not miss, so to speak, like Lowry.
Due to this, many players have already been discussing investing in cryptocurrency, according to Lowry. The very reason why promoting it in one of the world’s biggest sports events actually makes sense for him.
The virtual currencies such as bitcoin and ether, as well as non-fungible tokens (NFTs) that can be used to prove ownership of an array of assets like digital photographs or video game weapons, are all part of the current crypto sector. Blockchain, a system for storing information, is used to create both cryptocurrencies and NFTs.
Despite these many ads, one thing remains to be certain; it is still well-known for its high-risk characteristics. The popularity of NFTs, which can be used as display photos or collectable art, drove the worldwide crypto industry to swell with a $3 trillion market capitalisation late last year.
According to CoinMarketCap, a recent market collapse just this January took off a huge amount of wealth, but it has since recovered and was able to rise with a $2 trillion market cap.
To date, it seems that the Super Bowl is possibly a great platform for smaller, less well-known firms to raise their profile for people to know more about them.
Cryptocurrency companies, like any other business, must raise consumer awareness, engage customers, and generate trust. In the case of crypto companies, they have to at least try to minimize the mainstream perception that crypto investments are risky if their end goal is to entice the viewers to invest.
The Super Bowl is a good start since it has presented itself in the past as a good avenue to cultivate legitimacy and trust with its commercials, but the possibility of attracting numerous new investors remains to be seen and is still uncertain.