Cointelegraph Team
Cointelegraph
There had reportedly been a few deals for crypto commercials in this year's Super Bowl that fell apart following the collapse of FTX, but at least one project is giving away NFTs.
Fans watching the Kansas City Chiefs face off against the Philadelphia Eagles in Super Bowl LVII on Feb. 12 will reportedly not see a plethora of ad spots for cryptocurrency companies as they did in 2022.
According to a Feb. 6 Associated Press report, there had been four potential deals with crypto firms for commercials costings roughly $6 to $7 million in the 2023 Super Bowl, all of which fell apart following the FTX bankruptcy filing in November. Fox Sports’ executive vice president of ad sales Mark Evans reportedly said there would be “zero representation” from major crypto companies on Feb. 12, when roughly 100 million people could be tuned in to the football game.
During Super Bowl LVI in 2022, companies including FTX, eToro, Crypto.com and Coinbase debuted ads. The FTX commercial, which aired roughly nine months prior to the firm filing for Chapter 11 bankruptcy and former CEO Sam Bankman-Fried being charged with fraud, featured comedian Larry David telling customers: “don’t miss out” on crypto.
David was later included in a class-action lawsuit alleging he promoted the crypto exchange to investors without performing any due diligence. Other celebrities who backed crypto companies including Matt Damon — for Crypto.com — and tennis star Naomi Osaka — for FTX — have likewise faced criticism from users.
Despite the AP report, gaming startup Limit Break announced on Feb. 6 that it will air an interactive advertisement during Super Bowl LVII in which it plans to give away dragon-themed nonfungible tokens, or NFTs. The ad will seemingly not feature a celebrity, but rather include a QR code for viewers to scan.
Many global authorities have targeted crypto ads in the wake of the 2022 market crash and firms including FTX, Voyager Digital, BlockFi, and Celsius Network declaring bankruptcy. The United States Federal Trade Commission has reportedly opened an investigation into several crypto firms for “possible misconduct concerning digital assets." In January, the governor of the Central Bank of Ireland also said he would support legislation banning the advertisement of crypto projects to young people.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.