This year’s Super Bowl will not feature any crypto ads, which many believe could be a good thing for the industry.
The National Football League (NFL) Super Bowl will not feature any cryptocurrency commercials this year. While this might seem disappointing, it could actually be a positive change for the crypto industry. The past year has seen numerous failures of trust, ethics, and corporate responsibility within the crypto world, leading many to question the stability of the industry.
Fox Sports announced on Monday that all in-game advertisements for the upcoming Super Bowl LVII have been fully booked. The highly-anticipated event between the Kansas City Chiefs and the Philadelphia Eagles will take place this Sunday.
As advertising’s premier stage, businesses eagerly compete for the opportunity to showcase their products to the over 100 million annual spectators. Mark Evans, Executive Vice President of Ad Sales for Fox Sports, revealed that a select few advertisements sold for more than $7 million for a 30-second slot. Most advertisements were sold for between $6 million and $7 million.
Anheuser-Busch, the largest advertiser, will have three minutes of national airtime. This year, the beverage giant has given up its exclusive alcohol advertising rights, allowing Heineken, Diageo, Remy Martin, and Molson Coors to participate as well. The event will also feature ads from other major categories. That includes packaged food, movie studios and streaming services, automakers, and tech companies. However, crypto companies will not be present this year.
No “Crypto Bowl” This Year
People called the previous year’s Super Bowl the “Crypto Bowl” due to the participation of four cryptocurrency companies: FTX, Coinbase, Crypto.com, and eToro. This was part of crypto companies’ broader effort to establish themselves in the mainstream through sports sponsorships. However, the bankruptcy filing of FTX and the subsequent charges against its founder for defrauding investors led to the elimination of crypto companies from this year’s advertisements.
Evans stated that two crypto advertisers had completed the deals. Another two were close to finalizing their commercials, but the FTX news caused these deals to fall through. Consequently, there will be no representation from the crypto category during this year’s Super Bowl.
According to Evans, more than 90% of Super Bowl ad spaces were sold earlier than usual. Established advertisers secured their prime positions. The remaining advertisements sold slower, partly due to the decline of the crypto industry and concerns about the global economy.
In the previous year, NBC sold out of its advertisement spaces quickly. 30-second slots sold for $7 million, an increase from the $6.5 million for 2021’s advertisements.
No Crypto Ads Could Be a Good Thing
One of the reasons why the absence of crypto commercials is a good thing is that it means less “sportswashing.” Sportswashing refers to the practice of groups, corporations, or nation-states using the popularity of sports to enhance their reputation. According to George Kaloudis, companies that use the global popularity of sports events to promote their brand are trying to hide the negative aspects of their image. In the past, crypto companies have used the Super Bowl to boost their reputation. However, after the year crypto has had, it’s best to be evaluated fairly without the benefit of high-profile commercials.
Another reason why the lack of crypto commercials is a positive change is that it reduces crypto executive arrogance. Executives in any industry can be prone to overreach, and the same applies to crypto executives. The Super Bowl is a way for companies to showcase their brand and increase visibility. But, it can also lead to inflated egos. This year, crypto executives won’t have the opportunity to emerge from the Super Bowl with boosted reputations and egos. This could lead to a more measured and thoughtful approach to the industry.
Lastly, it’s important to consider whether or not crypto companies belong at the Super Bowl. Executives in the crypto industry might yearn for the opportunity to associate their brand with well-known companies such as Coca-Cola, Budweiser, and Toyota. However, this desire can become arrogant when we consider if they belong. Some crypto companies are built on false promises and in some cases are massive frauds (i.e. FTX). These companies don’t belong in the same space as well-established brands. Therefore, their absence from the Super Bowl will hopefully prevent them from falsely boosting their reputation.
Inclusion of Crypto in Sports Events
While refraining from advertisements this year could be a good thing, with the exception of the recent World Cup in Qatar, crypto companies could still be featured in the upcoming Super Bowls. However, for these ads to be successful and good for the industry, there are some things to keep in mind:
- Companies must promote projects committed to ethics and responsibility. This shift towards legitimacy would be a step in the right direction for the crypto industry and could lead to greater public trust.
- Decentralization is a crucial aspect of the crypto industry and represents a departure from traditional centralized systems. By emphasizing decentralization in their advertisements, crypto companies can highlight the benefits of this technology and differentiate themselves from other industries.
- Bitcoin remains the most recognized and widely used cryptocurrency. By focusing on Bitcoin adoption in their advertisements, crypto companies can promote the use of cryptocurrency and encourage greater public participation in the crypto industry.
In conclusion, the absence of crypto commercials during this year’s Super Bowl is an opportunity for the industry to reevaluate its priorities and focus on promoting genuine projects. This shift towards legitimacy and transparency will help to increase public trust and promote growth in the crypto industry. Additionally, without the opportunity for high-profile commercials, crypto executives will have to earn their recognition and validation through merit, rather than relying on the association with a major event to boost their reputation and ego. With the right approach, crypto companies can be included in future Super Bowl advertisements and reach a wider audience.