Crypto

Did Crypto Companies Miss Their Super Bowl Chance?

Many considered this year’s Super Bowl LVI to be the ‘Crypto Bowl’.

This planted the seeds for many water cooler comparisons for those old enough to remember Super Bowl XXXIV in 2000, which featured ads from 14 dot-com companies.

By 2002, several of the 2000 Super Bowl advertisers, including OnMoney.com, OurBeginning.com, Pets.com, Epidemic.com (a big name today thanks to COVID-19), were out of business.

With that in mind, how did the crypto class of 2022 announcements fare during the big game?

Watching Coinbase, Crypto.com, and FTX announce during the game, I can’t help but think that they missed out on opportunities. While they all got points for their name recognition, I don’t think any of the companies have jumped at the chance to reach such a wide and diverse audience. Although FTX and Coinbase ads ranked in the top 5 for virility according to Hootsuite research, many of those who participated were already familiar with cryptocurrencies. Additionally, none of the crypto commercials made the top 10 in USA Today’s Ad Meter (although two did make the bottom five).

Given the size of the audience, educating the market and instilling consumer confidence in crypto should have been the goal of all crypto advertisers. But the only crypto advertiser that could have helped educate potential customers was eToro. Focusing on the larger eToro community, the company highlighted its long-standing position as an investment platform and community built on social collaboration and investor education. Unfortunately, that didn’t impress the thousands of panelists who rated Super Bowl ads as part of the USA Today Ad Meter, which ranked eToro’s ad penultimate only ahead of Coinbase’s ad, which ranked last. . Coinbase won a Super Clio for best ad in the Super Bowl, but Main Street doesn’t always agree with Madison Avenue.

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Binance, which did not advertise during the Super Bowl posted a video on Twitter of Miami Heat basketball player Jimmy Butler encourage viewers to trust themselves and do their own research. This message provided a strong differentiation from the Super Bowl crypto ads.

Coinbase deserves credit for attracting millions of potential users to the company’s website and app, going from 186 to two on the iPhone app store. That said, the company missed an opportunity to instill trust in cryptocurrencies, a major drawback that is holding back the mass adoption of cryptocurrencies. Given crypto challenges that are complicated, not highly regulated, use too much energy to mine and use in ransomware attacks, why not show older people and security or law enforcement officials using crypto? ? Why not shoot a commercial in the Salvadoran beach destination El Zonte, a town that has adopted the Bitcoin cryptocurrency as its local currency?

At the end of the day, the cryptocurrency market is affected by the falling price of Bitcoin, Ethereum and other leading cryptocurrencies. Although Coinbase and the other Super Bowl advertisers do not control the price of cryptocurrencies, the influx of new users will likely change the trajectory of cryptocurrencies. That, and not company branding, should have been the goal of Super Bowl advertising for crypto companies.

A commercial that shows a grandmother buying milk for her grandson and a tourist buying everything he needs smoothly and easily, without speaking the local language, will do more to reverse the perception issues that are holding back the further adoption of cryptocurrencies than commercials featuring Larry. David, virtual Lebron James or a scrolling QR code.

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