The Super Bowl is one of the most viewed sporting events each year globally. Previously, crypto companies Coinbase and Crypto.com among others would scramble to get even a single spot and spare no dime for an opportunity to advertise at the Super Bowl. However, the usual eye-catching cryptocurrency trading podium adverts were conspicuously absent during the Super Bowl event this year.
Last year, Larry David was unamusing in the several old school outfits he spotted in an FTX advert. Another ad had a crowd of people buzzing like bees in the air for eToro, and in yet another advertisement, a QR code bounced around the screen for the Coinbase crypto platform. But why was there no crypto ad in this year’s big game?
In the months succeeding last year’s Super Bowl, the crypto industry had suffered a serious setback, especially FTX, which eventually filed for bankruptcy. The FTX suffered largely due to poor management of funds and poor liquidity that caused investors to panic and withdraw suddenly.
In December 2022, FTX founder Sam Bankman-Fried was arrested for allegedly embezzling billions of clients’ dollars to finance political donations, over-the-top real estate spendings and trading at his hedge fund. However, the then 29-year-old bankrupt billionaire pleaded not guilty to all the fraud and money laundering charges and is free on a $250 million bond.
A good number of crypto companies spent a whopping $39 million in 2022 buying slots in the Super Bowl, according to Kantar, a data consulting firm. Alfredo Troncoso, a data analyst from the same firm, said financial services didn’t put up a great performance for their backers in 2022 since the crypto ads were not bringing a good return on their investment.
Limit Break, a gaming enterprise, was one of the few companies that made an appearance in the crypto industry for the Sunday game. Limit Break ran an advert intimating that it was giving away digital tokens.
Many other advertisers have taken the advertising slots previously dominated by the crypto industry. Mark Evans, Fox Sports executive vice president of advert sales, said that multiple units were slotted in categories that saw a dampening climate in the beginning of the year. By this, he meant the crypto category. Their absence in the Super Bowl this year has created space for more advertisers, he added.
Industry players such as Tingo Inc. (OTC: TMNA) have had to dig deep and be resilient amid the storm that battered the industry in recent times. There is now relative calm and signs of recovery in the works for the industry.
NOTE TO INVESTORS: The latest news and updates relating to Tingo Inc. (OTC: TMNA) are available in the company’s newsroom at http://ibn.fm/TMNA
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