For businesses like FTX, Crypto.com, Coinbase, and others, Super Bowl LVI was essentially the crypto bowl in 2017 due to the presence of multiple cryptocurrency ads on air.
However, wth just one week until the Eagles versus Chiefs game, FTX and other cryptocurrency companies that had purchased Super Bowl LVII ad spots from Fox have all backed out.
Viewers Will See Less Crypto Ads Amid Industry Bankruptcy And Layoffs
The Super Bowl is the biggest stage for advertising, and companies compete to get their goods in front of the more than 100 million viewers that tune in each year, AP News notes.
A few advertisements sold for more than $7 million for a 30-second spot, according to Mark Evans, executive vice president of ad sales at Fox Sports.
LeBron James and Matt Damon appeared on TV to greet fans and try to persuade them to join the cause and invest in cryptocurrencies as LA faced Cincinnati for the NFL championship trophy in 2017.
At the time, the price of one bitcoin was over $42,197.52; however, despite a recent rebound, the price of one bitcoin is now only $23,013.87.
The "Crypto Bowl" was the name given to the Super Bowl last year because four cryptocurrency companies-FTX, Coinbase, Crypto.com, and eToro-ran eye-catching advertising throughout the game.
It was a part of a bigger campaign by cryptocurrency companies to use sports sponsorships to enter the public.
In a Super Bowl ad for FTX, Larry David traveled through several eras of human ingenuity while remaining comedic suspicious of things like wheels, toilets, lightbulbs, and cryptocurrency trading software.
FTX will not use the 60-second advertisement spot it had scheduled because the company is now going through bankruptcy procedures and its previous CEO is being investigated for federal fraud, The Verge writes.
More than 90% of its Super Bowl ad inventory had been sold by the end of the summer, according to Evans, as well-known marketers competed for the best spots.
The collapse of the cryptocurrency market and overall advertiser anxiety over the state of the world economy, however, were factors in the sluggish sales of the remaining slots, according to Evans.
Read More: London Listed as the Most Crypto-Ready City in the World for Business
The Cryptocurrency Industry Continues To Adapt
Sports advertising is still a vital channel for the digital economy despite what is being referred to as a "crypto winter," according to marketing experts, as their target audiences are quite similar.
"The tone has shifted towards Web3-driven fan engagement over crypto-specific advertising," said Silvia Lacayo, head of marketing at crypto exchange Bitstamp US.
Note that the future internet framework known as Web3 allows users more control over their own data and is decentralized.
"Crypto firms are focusing less on crypto advertising and more on investing in better user experiences, products, and customer service," Lacayo added.
Although it is yet unknown, the final list of Super Bowl marketers may include the typical suspects, such as alcohol, snacks, and cars.
Financial markets, including both traditional and cryptocurrency markets, have been negatively impacted by a year of increased inflation, the end of stimulus programs from the epidemic era, and higher interest rates.
The types of advertisements people see and their messaging will most certainly change as a result of this shift in attitude, according to CNN Business.
Related Article: 5 Myths About Cryptocurrency That Have Been Debunked
