‘Crypto Bowl’ looks like a distinct memory as companies cut ad budgets, big players spent just $36,000 on TV in July

The glory days of crypto advertising are over.

As the price of the biggest cryptocurrencies have plummeted during a widespread “crypto winter,” some of the crypto industry’s most famous ads are disappearing just months after dominating the airtime of the Super February Bowl LVI.

At the height of the crypto marketing fervor, crypto exchanges like Coinbase, Crypto.com, FTX, and eToro spent over $6.5 million for a 30-second slot. Off the air, Crypto.com and FTX have also signed deals to put their names on professional sports arenas in Los Angeles and Miami, respectively.

Today, major crypto exchanges are being hammered by a prolonged crypto winter that has shrunk $2 trillion from the overall market since late 2021 and kept Bitcoin near its lowest levels since December 2020. In response, cryptocurrency firms cryptography have cut their TV advertising budgets.

Major crypto firms including Crypto.com, FTX and Coinbase spent a cumulative $36,000 on U.S. TV ads in July, after spending $84.5 million in February during the Super Bowl, according to company data. measurement and analysis of ISpot television advertisements. , quoted by Bloomberg.

Among the series of ads that dominated the Super Bowl, one notable ad that disappeared is the famous “Fortune favors the bravead for Crypto.com, which no longer airs on TV, according to Bloomberg.

The highly criticized campaign, which features Damon walking through a gallery of explorers and adventurers, cost around $65 million, according to Bloomberg. The price of the four-month campaign eclipsed what other well-known giants in the investment services category, such as Fidelity and Vanguard, spent over the same period.

But the crypto winter has not only hit marketing budgets hard. Of the four major crypto exchanges that bought ads during the Super Bowl, all but FTX laid off at least 100 employees.

Crypto.com, Coinbase and FTX did not immediately respond to Fortunerequest for comment.

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