The hunt for fresh blood has at least two cryptocurrency exchanges and two online sportsbook companies forking over as much as $7 million per 30-second ad slot for this year’s Super Bowl, HayesBrown writes.
With Bitcoin now more than a decade old, cryptocurrencies may have exhausted their market for early adopters, R.A. Farrokhnia, a Columbia Business School professor, said.
“For these companies who are providing some foundational services -- primarily exchanges or those who let you create a wallet -- in order to grow, they need more volume,” said Farrokhnia, who is also executive director of the university’s fintech initiative. “You have to convince consumers to start coming into this ecosystem.”major cryptocurrencies have plunged in value
in the past few months. The Super Bowl ads are essentially a doubling down for the industry, as “$112.9 million has been spent on national crypto-related ads since the start of 2020,” Bloomberg News reported. Crypto.com alone has spent $65 million on its campaign featuring Matt Damon. Washington Post writer Sonia Rao perfectly summed upHis one-minute spot for Crypto.com, the company after which the Staples Center was renamed, frames investing in cryptocurrency as a holy crusade.
Damon is a storyteller by trade; his job, in many ways, is to sell ideas to the public. But many considered it ludicrous and unsettling for a man with such deep pockets to place himself on an even playing field with the average viewer — as he does while referring to historic figures as “mere mortals, just like you and me” — before encouraging them to direct their money toward what his grandiose calls for courage imply is a risky investment.
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