Why Super Bowl LVI Was Historic for Cryptocurrencies

by | Feb 18, 2022 | Crypto, Blog

Crypto.com, FTX, and other cryptocurrencies made their first appearance in a massive event at the 2022 SuperBowl on February 13th. Four ads touting cryptocurrencies aired during the event that had a total of three and a half hours of a live broadcast. Four may not seem like a significant number, but we take into account that other industries only appear once or don’t even appear at all.

What the latter proves is that cryptocurrencies have gone mainstream.

The ads were different: they ranged from one where comedian Larry David misses out on every major innovation and resists crypto too, to one showing an older LeBron James going back in time to visit his younger self.

The show’s star definitely was Coinbase’s ad showing a QR code floating across the screen with music in the background for 60 seconds. It was a clever activation; when people (watchers and attendees) scanned the code, it led them to a promotion for $15 worth of free Bitcoin to sign on Coinbase, one of the world’s leading cryptocurrency exchanges where users can sell and buy cryptos. The number of people scanning the code was so huge the site crashed, which is good because of the amount of clout and leads it meant for Coinbase; it was marketing 1:1 done beautifully: a simple ad with significant activation in the biggest event of the year.

Crypto Frenzy

Regardless of what crypto critics say, the event showed that cryptos are here to stay, and so is their whole industry.

Although they can be volatile, as every new market can be, they have attracted millions of investors. A study by Grayscale Investments showed that more than half of investors who currently own Bitcoin began to invest in them over the last 12 months. Another survey from the Pew Research Center also showed that 16% of Americans have either traded, invested, or used cryptocurrencies.

These two numbers make clear that more and more investors see long-term value in adding cryptocurrencies to their investment profiles.

The Super Bowl extended it to stone if it wasn’t clear enough. Super Bowl ads are the priciest and more coveted sports on network television. A 30-second ad in the 2022 Super Bowl sold for $6.5 million, making the Coinbase add roughly $14 million.

What the crypto frenzy shows is that the industry is growing steadily. It is reminiscent of the 2000 Super Bowl, or the Dot-Com Bowl ; fourteen different web companies purchased $44 million worth of ads. Although Some investors say cryptos are bound for a crash similar to the .com companies, others foresee a solid future.

Crypto execs have been clear that events like the Super Bowl are high-profile opportunities to introduce the masses to cryptocurrencies, a new way of digital currency trading. A good example is FTX, a crypto exchange platform that planned to give bitcoin to some as part of its Super Bowl campaign.

FTX has been actively searching for sports partnerships with Washington Wizards, Major league baseball, and the Mercedes Formula One. It also has individual deals with Tom Brady, Steph Curry, and David Ortiz. They have such an enormous scope in mind that Sam Bankman-Fried, FTX’sco-founder, told the Washington Post that their Super Bowl ads are not only courting consumers but U.S. regulators as well. Why? because they want to make sure that they are painting a healthy image to their market.

Crypto Bowl is definitely a pivotal moment for the industry. Although a 60 seconds ad might not change the opinion of a doubtful viewer, it does get the job done since an ad’s main objective is to give brand exposure, not conversion. And that was attained. After the super bowl, crypto apps shot up app store download charts in the U.S. Coinbase ad, prompting a lot of downloads. The same happened with FTX and eToro, which shows that paying vast amounts of money in the exemplary scenario can bring a lot of users, which is what these platforms look for.

Sunday’sSunday’s Crypto Bowl is just another part of the enormous crypto industry that has skyrocketed over the past year. It is yet to be seen if the U.S. government will follow through with such growth, regulation-wise, and continue its rapid mass adoption.