The Verge criticizes cryptocurrency exchanges’ Super Bowl advertising for falling short of expectations.
According to The Verge, this year’s wave of Super Bowl crypto advertising did little to progress the space. Instead, they see it as a squandered opportunity that prioritizes style above substance.
Formation of Crypto History
There was a lot of talk about how Super Bowl LVI would be crypto’s moment in the sun. Coinbase, FTX, Crypto.com, and Binance have all spent millions on TV advertising to gain public acceptance.
Cryptocurrency companies have advertised before at the most important sporting event in the United States. It was a big opportunity to get the general public on board with digital assets.
As projected, the ratings are in, and the Los Angeles Rams defeated the Cincinnati Bengals 23-20.
However, as the dust settles and there is the evaluation of the event, not everyone believes in the success of crypto businesses. The focus on pushing viewers to buy bitcoin over “everything else,” according to The Verge, was a squandered opportunity.
Aside from spending more money on bitcoin, none of the Super Bowl cryptocurrency advertising aimed to sway viewers.
Unscrupulous Merchants
According to The Verge, a host of A-list celebs, including LeBron James and Matt Damon, delivered the message.
Furthermore, Coinbase’s advertisement, which featured a QR code floating around the screen, received mixed reviews. While some praised it as a marketing success, even a brilliant strategy, others claimed it legitimized scammers’ activity. In any case, the ad worked, bringing 20 million people to Coinbase’s website in just a minute.
Because Coinbase underestimated the volume, its website failed, imitating past instances of connectivity issues reported during periods of high market volatility.
According to The Verge, the entire event was about encouraging the concept of buying now or missing out – in other words. It was about courting FOMO (Fear Of Missing Out).
This year’s Super Bowl supposed to be the blockchain’s big public debut, but it failed to explain what it does or how it benefits people’s daily lives.
Going this strategy has the opportunity cost of ignoring a more essential message while also giving off Ponzi scheme overtones.
The Super Bowl in 2022 wasn’t the first time it showcased cutting-edge technology. Super Bowl XXXIV, which took place twenty-two years ago, featured the then-St. The St. The Rams play the Titans, with 17 dot-com corporations buying commercials (compared to just two the year before). Almost all of those companies are no longer in business two decades later, after the dot-com bubble crashed.
