Following the collapse of FTX, a few arrangements for cryptocurrency-related Super Bowl advertising fell through, but at least one project is giving away NFTs.
According to reports, viewers of Super Bowl LVII on February 12 between the Philadelphia Eagles and the Kansas City Chiefs won’t see as many advertisements for cryptocurrency businesses as they did in 2022.
Four possible negotiations with crypto firms for advertising in the 2023 Super Bowl worth between $6 to $7 million fell through after the FTX bankruptcy filing in November, according to a story from the Associated Press on February 6. According to Mark Evans, executive vice president of ad sales for Fox Sports, there would be “zero representation” from significant cryptocurrency companies on February 12, when an estimated 100 million people might be watching the football game.
The Infamous Cryptocurrency Exchange FTX
Companies like as FTX, eToro, Crypto.com, and Coinbase debuted commercials during Super Bowl LVI in 2022. Approximately nine months before the company filed for Chapter 11 bankruptcy and former CEO Sam Bankman-Fried was charged with fraud, the FTX advertisement featured comedian Larry David saying,
“Don’t miss out on crypto.”
In a subsequent class action lawsuit, it was claimed that David had promoted the cryptocurrency exchange to investors without carrying out any due diligence. Other famous people who have backed cryptocurrencies have come under fire, like Naomi Osaka of the tennis team and Matt Damon of Crypto.com.
Despite the AP report, gaming company Limit Break declared on February 6 that it will show an interactive commercial during Super Bowl LVII in which it intended to distribute dragon-themed nonfungible tokens (NFTs). Instead of a celebrity, the advertisement appears to just have a QR code that viewers can scan.
Following the 2022 market meltdown and the bankruptcy of companies like FTX, Voyager Digital, BlockFi, and Celsius Network, numerous international authorities have targeted cryptocurrency advertisements. According to reports, the US Federal Trade Commission has launched an inquiry into a number of cryptocurrency companies for “potential misbehavior affecting digital assets.” The Central Bank of Ireland’s governor declared in January that he would support legislation that forbade the promotion of cryptocurrency ventures to children and teenagers.