Home News Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report

Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report

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Fans watching the Kansas City Chiefs face off against the Philadelphia Eagles in Super Bowl LVII on Feb. 12 will reportedly not see a plethora of ad spots for cryptocurrency companies as they did in 2022.

According to a Feb. 6 Associated Press report, there had been four potential deals with crypto firms for commercials costings roughly $6 to $7 million in the 2023 Super Bowl, all of which fell apart following the FTX bankruptcy filing in November. Fox Sports’ executive vice president of ad sales Mark Evans reportedly said there would be “zero representation” from major crypto companies on Feb. 12, when roughly 100 million people could be tuned in to the football game.

During Super Bowl LVI in 2022, companies including FTX, eToro, Crypto.com and Coinbase debuted ads. The FTX commercial, which aired roughly nine months prior to the firm filing for Chapter 11 bankruptcy and former CEO Sam Bankman-Fried being charged with fraud, featured comedian Larry David telling customers: “don’t miss out” on crypto.

David was later included in a class-action lawsuit alleging he promoted the crypto exchange to investors without performing any due diligence. Other celebrities who backed crypto companies including Matt Damon — for Crypto.com — and tennis star Naomi Osaka — for FTX — have likewise faced criticism from users.

Despite the AP report, gaming startup Limit Break announced on Feb. 6 that it will air an interactive advertisement during Super Bowl LVII in which it plans to give away dragon-themed nonfungible tokens, or NFTs. The ad will seemingly not feature a celebrity, but rather include a QR code for viewers to scan.

Many global authorities have targeted crypto ads in the wake of the 2022 market crash and firms including FTX, Voyager Digital, BlockFi, and Celsius Network declaring bankruptcy. The United States Federal Trade Commission has reportedly opened an investigation into several crypto firms for “possible misconduct concerning digital assets.” In January, the governor of the Central Bank of Ireland also said he would support legislation banning the advertisement of crypto projects to young people.

Main content of the article:

Crypto companies will not be present in Super Bowl LVII ads on Feb. 12, following the FTX bankruptcy filing in November and class-action lawsuit against its former CEO. Fox Sports’ Mark Evans said there would be “zero representation” from crypto companies. In 2022, commercials from FTX, eToro, Crypto.com, and Coinbase aired. Gaming startup Limit Break will air an interactive ad where viewers can scan a QR code to win dragon-themed NFTs. Authorities have targeted crypto ads due to the market crash and several firms declaring bankruptcy. The US FTC has opened an investigation and the Central Bank of Ireland is considering banning crypto ads for young people.

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