This Sunday, sports fanatics across the globe will tune in to watch the Los Angeles Rams take on the Cincinnati Bengals. Parties will be hosted, and friends will gather to watch the match-up. Equally exciting is what takes place when the game pauses.
A more epic event than the game itself may be the commercials. This year, in particular, will be groundbreaking. Cryptocurrency has arrived at the big game, and they’re coming in hot. Companies are looking to cash in as everyone is gathered at the same place and time, which rarely happens anymore.
Last year, one of the game’s biggest stars, Tom Brady, made headlines when he and his wife, Gisele Bündchen, partnered with the cryptocurrency exchange platform FTX. With a reported $20 million invested in advertising, FTX is now making big moves. This Sunday, FTX’s CEO, Sam Bankman-Fried, plans to give away millions in bitcoin during the game. Now, other companies are jumping on board and clamoring for the attention of an audience of 117 million viewers.
Crypto.com got into the ad game early and ran commercials featuring Matt Damon. They will be participating in advertising during the Super Bowl but have not confirmed if Damon will star. BitBuy, a Canadian crypto trading firm, is another company that will take advantage of Bowl airtime. They have confirmed that they will run a Super Bowl ad in Canada starring Kyle Lowry, a Miami Heat player.
These ads don’t come cheap, reportedly costing the advertisers $7 million for 30 seconds. Binance, notably, is sitting this one out. Instead, they are saving their ad money and encouraging customers to learn about crypto independently and not listen to celebrities.
The merger of Sports and cryptocurrency adds up to vast amounts of money. Two companies have already made significant moves into the sports sector. Crypto.com and FTX have both purchased stadium deals in major US cities. Crypto.com’s contract is with a stadium in Los Angeles, formerly Staples Center, and the FTX Arena is in Miami. As these partnerships grow, more attention will be centered on the defi industry.
The Super Bowl is just the beginning of the next evolution in cryptocurrency. For decades, the ads shown during this massive event have been enourmously influential. Advertisements during the big game bring legitimacy to the companies that splurge for the air time. The benefit to the companies is multi-faceted: the ads create awareness and build consumer trust. People are more likely to cozy up to new ideas as they munch chicken nachos and listen to their favorite celebrities.
When a new industry partners with celebrities and team sports, we know things are heating up. Take note and get ready for cryptocurrency to go mainstream.