In the wake of FTX's fall, major crypto firms skip Super Bowl ads, while NFTs gain marketing traction.
The landscape of Super Bowl advertising is witnessing a notable shift, particularly within the cryptocurrency sector. Major players such as Kraken and Bitcoin ETF issuers, including industry giants like BlackRock and Grayscale, have chosen to step back from the high-profile advertising arena of the Super Bowl. This decision marks a continuation of the trend set the previous year and comes in the wake of the FTX collapse, which brought legal troubles for celebrities who endorsed it. Despite this, some Web3 companies are still finding innovative ways to connect with the Super Bowl audience.
One of the reasons for this shift in advertising strategy, as suggested by Kraken's chief marketing officer, Mayur Gupta, is the Super Bowl's predominantly American audience. Kraken and similar companies are looking to target a global market, and they believe that the next wave of crypto users will emerge from various parts of the world, not just the U.S. This perspective comes after the high-profile advertising by FTX in the previous Super Bowl, which did not prevent its eventual downfall. As a result, there were no crypto ads during Super Bowl LVII in 2023, and there is an expectation that future Super Bowl advertising will lean more towards fun and entertainment.
While traditional crypto ads may be on the decline, the NFT market is tapping into the Super Bowl's marketing potential. An NFT featuring Tom Brady recently sold for over $40,000, highlighting the significant interest in sports-related digital collectibles. Dapper Labs, the creator of NFL All Day digital collectibles, has been promoting NFT drops during the playoffs, leading to notable sales such as the Brady token and a $34,000 Aaron Rodgers NFT. Although NFL All Day has not yet reached the heights of NBA Top Shot, it has accumulated nearly $10 million in sales since September.
NFL legends Joe Montana and John Elway are also getting involved, promoting NFTs that capture iconic moments from their careers. These promotions are strategically timed to coincide with the Super Bowl, leveraging the event's extensive reach to engage fans and collectors.
The current trends suggest that while the Super Bowl remains a coveted advertising platform, companies are becoming more selective and strategic in their marketing efforts. The focus is shifting towards global outreach and engagement through alternative means, such as NFTs and digital collectibles. As the crypto industry continues to evolve, we can expect to see more nuanced and targeted approaches to how companies choose to promote their products and services during major events like the Super Bowl.