Ben Strack

You’ve probably heard by now that crypto’s coming-out party on Super Bowl Sunday last year won’t be repeated.



If you hadn’t, you would have likely guessed, given the struggles endured in 2022 by many of the industry’s largest players.&nbsp;



But that doesn’t mean viewers won’t get a taste of Web3 this time around.&nbsp;



Mark Evans, Fox Sports’ executive vice president of ad sales, told <a href="https://apnews.com/article/kansas-city-chiefs-philadelphia-eagles-super-bowl-sports-fox-corp-5d9922047c7fb640ddbf8caf5100ece2" target="_blank" rel="noreferrer noopener">AP</a> this week that two crypto advertisers had commercials “booked and done,” adding that two others were close behind.  



But those deals fell through, he said, after the crash of FTX, which <a href="https://blockworks.co/news/whats-next-for-ftx-and-its-customers-after-bankruptcy-filing">filed for bankruptcy</a> in November. The exchange was among the crypto companies to run a Super Bowl ad in 2022.



A great deal has changed for the industry since — including for other digital asset advertisers during last year’s big game.&nbsp;



Coinbase and <a href="https://crypto.com/company-news/company-update" target="_blank" rel="noreferrer noopener">Crypto.com</a> have <a href="https://blockworks.co/news/coinbase-lays-off-950-staff-cuts-operational-costs-by-25">taken steps to cut costs</a>. Trading platform eToro <a href="https://blockworks.co/news/whos-coughing-up-crypto-winter-dollars-for-super-bowl-ads">told Blockworks</a> last month it chose not to buy a spot this year. And crypto exchange OKX, which <a href="https://blockworks.co/news/what-crypto-super-bowl-ads-can-we-expect-in-2023">was planning a commercial</a>, ultimately opted out of the bear market splurge.



Crypto exchange <a href="https://blockworks.co/news/bitbuy-shifts-super-bowl-ad-focus">Bitbuy bought an ad</a> to run sometime within an hour before the Kansas City Chiefs and Philadelphia Eagles kick off, but only viewers in Canada will see it.



Silvia Lacayo, head of Americas marketing at crypto exchange Bitstamp, said many crypto firms are putting marketing efforts on pause. What’s more pressing for those companies, Lacayo told Blockworks, is looking for educational opportunities to make people feel more comfortable using cryptocurrencies.



&#8220;Crypto firms are focusing less on crypto advertising and more on investing in better user experiences, products, and customer service,” Lacayo said. “The tone has shifted towards Web3-driven fan engagement over crypto-specific advertising.&#8221;



An Intuit-sponsored virtual concert starring hip-hop artist Saweetie, for example, was set to <a href="https://www.nfl.com/news/nfl-saweetie-intuit-bring-first-ever-super-bowl-concert-to-roblox" target="_blank" rel="noreferrer noopener">debut</a> on Friday on gaming platform Roblox, the NFL revealed last week. It is set to re-air every hour until Super Bowl Sunday.



And NFTs, a once little-known acronym that entered the mainstream in 2021, are set to step back into the light amid the crypto winter.&nbsp;



Utah-based Web3 company Limit Break said in October that it bought a Super Bowl ad for $6.5 million.&nbsp;



Founded by mobile game creators Gabriel Leydon and Halbert Nakagawa, Limit Break is known for creating DigiDaigaku, a digital collectible series of anime-style characters.&nbsp;



The company’s spot — slated to air during the game’s first commercial break — will feature a QR code directing viewers to sign up for a chance to own a DigiDaigaku Dragon NFT, the company said.&nbsp;



“Having this ad is exciting for us because prior to the Super Bowl, there’s going to be millions of people who have never heard of an NFT,” Leydon previously told Blockworks.  



The ad culminates a free mint whitelist opportunity launched last month. Supply of the NFT collection, according to the company,  is “extremely limited.”



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Super Bowl Crypto Ads Lacking, but NFTs Have a Spot

Canadian crypto exchange Bitbuy’s upcoming Super Bowl ad has a different vibe than the company’s 2022 spot after an eventful year shook the industry.&nbsp;&nbsp;



Bitbuy is expected to be <a href="https://blockworks.co/news/whos-coughing-up-crypto-winter-dollars-for-super-bowl-ads">among the only crypto firms</a> set to advertise around the NFL championship game on Feb. 12 as companies in the space cut budgets and look to regroup as the crypto winter continues.



Of last year’s crypto advertisers, FTX <a href="https://blockworks.co/news/whats-next-for-ftx-and-its-customers-after-bankruptcy-filing">went bankrupt</a> and online brokerage eToro told Blockworks it won’t be running an ad. Coinbase last month implemented <a href="https://blockworks.co/news/coinbase-lays-off-950-staff-cuts-operational-costs-by-25">cost-saving measures</a> and exchange OKX, which <a href="https://blockworks.co/news/what-crypto-super-bowl-ads-can-we-expect-in-2023">planned to buy an ad</a>, has changed its mind.



The Bitbuy ad, which <a href="https://www.youtube.com/watch?v=02ivqdVzwS8" target="_blank" rel="noreferrer noopener">went live</a> online Thursday, will be the firm’s second consecutive Super Bowl showing. NBA star Kyle Lowry appeared in <a href="https://www.youtube.com/watch?v=aI3LNq_lres&amp;t=2s" target="_blank" rel="noreferrer noopener">the company’s ad</a> last year featured during the game’s Canadian broadcast. 



Bitbuy’s upcoming 60-second commercial, also to appear only in Canada, is set to run within an hour before the Kansas City Chiefs and Philadelphia Eagles kick off.&nbsp;



Crypto markets plummeted amid the collapse of Terra’s algorithmic stablecoin in May and the subsequent bankruptcies of companies such as <a href="https://blockworks.co/news/3ac-files-for-bankruptcy-as-co-founders-location-unknown" target="_blank" rel="noreferrer noopener">Three Arrows Capital</a>. The industry was once again rattled as FTX crashed in November, shaking confidence in centralized exchanges and similar entities. 



“Whereas the theme for Bitbuy&#8217;s 2022 commercial was missed opportunities, 2023&#8217;s theme is trust,” Binu Koshy, Bitbuy’s branding and communications director, told Blockworks.&nbsp;



“We wanted to remind people in a sort of outlandish way that by being locally based and fully regulated, Bitbuy provides investing services with a personal touch.&#8221;&nbsp;



The new Bitbuy spot features Toronto Raptors forward Scottie Barnes, who Bitbuy <a href="https://www.youtube.com/watch?v=2AjDKl6h_vA" target="_blank" rel="noreferrer noopener">marketed</a> as a brand ambassador Tuesday.



Exchanges typically send a confirmation email to a user who makes a digital transaction. In the upcoming Super Bowl commercial, Barnes gives a Bitbuy user a confirmation hug.&nbsp;



Koshy declined to comment on how much Bitbuy spent on the commercial.&nbsp;The executive previously <a href="https://blockworks.co/news/exchanges-compete-to-grab-super-bowl-spotlight">told Blockworks</a> that roughly 25% of the company’s 2022 marketing budget went to signing Lowry, as well as producing and buying last year’s Super Bowl ad.



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Bitbuy Shifts Super Bowl Ad Focus From ‘Missed Opportunities’ to ‘Trust’

Despite rocky digital asset markets, a couple crypto-related firms are set to soon shell out Super Bowl ad dollars — though another would-be buyer of one of the coveted slots has pulled back.&nbsp;



Overall representation from the sector’s companies during the NFL’s championship appears to be shaping up as muted, though. That’s especially true compared to last year’s display, when FTX, Crypto.com, Coinbase and eToro all touted television spots.&nbsp;&nbsp;



Viewers can safely assume FTX won’t be running a Super Bowl ad.



The bankrupt exchange — whose founder, Sam Bankman-Fried is under <a href="https://blockworks.co/news/sbf-wont-actually-pay-250m-for-his-bail-bond">house arrest</a> — in <a href="https://www.youtube.com/watch?v=x_VZpH9dG2o" target="_blank" rel="noreferrer noopener">its commercial</a> last February featured the comedian Larry David, who implied the company was doomed to fail.



Ironic.&nbsp;&nbsp;&nbsp;



LeBron James appeared in <a href="https://www.youtube.com/watch?v=FUygWsIj_GU" target="_blank" rel="noreferrer noopener">Crypto.com’s ad</a> during last year’s title game. <a href="https://www.youtube.com/watch?v=eIUD_NE1BDo" target="_blank" rel="noreferrer noopener">Coinbase’s spot</a> was simpler, displaying a floating QR code box directing people to a promotional page that temporarily spurred traffic-fueled <a href="https://blockworks.co/news/super-bowl-ads-spark-public-interest-coinbase-site-crashes-from-traffic">connection issues</a>.&nbsp;



Crypto.com declined to comment on its Super Bowl plans this time around. The firm has become one of many industry players <a href="https://blockworks.co/news/crypto-com-cutting-5-of-workforce-amid-digital-asset-downturn">to cut staff</a> as markets have tanked.&nbsp;



Coinbase — which itself took <a href="https://blockworks.co/news/coinbase-lays-off-950-staff-cuts-operational-costs-by-25">cost-cutting measures</a> earlier this month — did not return a request for comment.



Social investing network eToro, which <a href="https://www.youtube.com/watch?v=7O4rP3qwlfo" target="_blank" rel="noreferrer noopener">ran an ad</a>, too, is not taking part this year, a spokesperson told Blockworks.



“We dial up or down specific channels based on many factors including market conditions,” the representative said in a statement. “We&#8217;re building for the long-term and will continue to invest heavily in marketing and in building brand awareness in our key markets, including the US.”



<h3 class="wp-block-heading">What about others?</h3>



Canadian crypto exchange Bitbuy is set to follow up <a href="https://www.youtube.com/watch?v=aI3LNq_lres" target="_blank" rel="noreferrer noopener">last year’s ad</a>, which featured NBA star Kyle Lowry, with a spot that introduces a new brand ambassador.



Binu Koshy, Bitbuy’s branding and communications director, declined to identify the celebrity — beyond dropping the hint that he is “one of the NBA&#8217;s most popular rising stars.”


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="682" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg" alt="" class="wp-image-44903" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2023/01/220917-RV-BitBuy-Ad-BTS-6352-1024x682.jpg?w=1772 1772w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Bitbuy&#8217;s Super Bowl ad set. Bitbuy covered the NBA player&#8217;s face with an emoji for the time being. | Source: Bitbuy</figcaption></figure></div>


The firm’s new 60-second spot is set to appear on the Canadian broadcasts of the title game — shown on the networks CTV and TSN — within an hour before kick-off. He did not share how much the company paid for the ad.&nbsp;



The messaging will be different from last year’s spot, which was designed to establish the company’s brand in Canada before larger players fully entered the market, Koshy said.&nbsp;&nbsp;&nbsp;



“One year later, the landscape has completely changed,” Koshy told Blockworks. “As more and more unlicensed international crypto exchanges target Canadians, we wanted to remind people that Bitbuy is 100% Canadian, fully regulated and transparent.”&nbsp;



Blockchain gaming company Limit Break said in October it bought a Super Bowl ad for $6.5 million, adding that the television spot would feature its <a href="https://opensea.io/collection/digidaigaku" target="_blank" rel="noreferrer noopener">DigiDaigaku</a> NFT collection. The company gave away the collection during a free mint in August around the time the Limit Break raised $200 million.



“Having this ad is exciting for us because prior to the Super Bowl, there’s going to be millions of people who have never heard of an NFT,” Limit Break co-founder Gabriel Leydon <a href="https://blockworks.co/news/what-crypto-super-bowl-ads-can-we-expect-in-2023">told Blockworks</a> at the time.&nbsp;



Leydon more recently <a href="https://venturebeat.com/games/limit-break-will-do-free-nft-mint-during-super-bowl-commercial/" target="_blank" rel="noreferrer noopener">told GamesBeat</a> the commercial would include a QR code directing players to apply for a free NFT mint.&nbsp;



The company did not return a request for additional comment.&nbsp;



Crypto exchange OKX, meanwhile, has had a change of heart.&nbsp;



OKX Chief Marketing Officer Haider Rafique told Blockworks in October the company was planning on buying a spot for the Super Bowl, adding that the commercial could cost more than $10 million.&nbsp;&nbsp;&nbsp;



The executive said at the time the exchange’s <a href="https://www.youtube.com/watch?v=6U2Nai5xVvA" target="_blank" rel="noreferrer noopener">“What is OKX?”</a> campaign was a preamble to its 2023 marketing efforts. Rafique added the potential Super Bowl spot could focus on OKX’s self-custodial Web3 wallet.&nbsp;



A few weeks later crypto markets were once again rattled as FTX collapsed, shaking confidence in centralized exchanges and similar entities.&nbsp;



OKX has decided not to pursue a Super Bowl ad this year. 



&#8220;The crypto marketing landscape has changed significantly since last year&#8217;s Super Bowl, in large part due to the continued fallout from the FTX implosion,&#8221; Rafique told Blockworks. &#8220;We think that consumers are responding better to sustained campaigns that emphasize transparency and trust. This is what we&#8217;re focusing on because it fits the current market sentiment and our strategy best right now.&#8221;



Updated Feb. 1, 2023 at 1 pm ET: Added quote from OKX Chief Marketing Officer Haider Rafique.



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Who’s Coughing Up Crypto Winter Dollars for Super Bowl Ads?

<div id="highlights-block_617c4ec74c780" class="highlights">
 <ul>
 <li>Recent partnership with Alameda Research will help firm with NFTs, which “are core to what we want to bring to the market in 2022,” Voyager CEO Steve Ehlrich said</li>
 <li>Despite lower revenues in quarter ended Sept. 30, executive notes current quarter revenues could be record highs</li>
 </ul>
 
</div>



While Voyager Digital is looking to bring crypto-backed debit cards and expanding internationally in the near-term, the company is also focused on delving into the NFT space next year through a new partnership.



The publicly traded cryptocurrency platform announced yesterday <a href="https://cms.blockworks.co/a16z-invests-250m-in-alchemy-alameda-backs-voyager-with-75m/" target="_blank" rel="noreferrer noopener">a $75 million investment </a>from crypto market maker Alameda Research, which trades over $5 billion per day. CEO Steve Ehrlich said that in addition to aiding the firm on the order flow and asset management front, Alameda would also ultimately help Voyager get more involved in the NFT space. 



“They understand the NFT space; they’ve helped build out the Solana network,” he said of Alameda Research during an earnings call on Friday. “NFTs are core to what we want to bring to the market in 2022, and having some more assistance as we grow out our own teams to do that is very important for us.”



Ehrlich said Voyager intends to make NFTs on multiple platforms accessible to its users, which now totals more than 2 million.&nbsp;



Voyager could look to build its own NFTs, the CEO said, noting the firm’s relationships with NFL tight end Rob Gronkowski and Nascar driver Landon Cassill. But more than creating its own, the company will focus on offering access to NFTs and its marketplaces to as many people as possible.



“Customers don’t know how the internet works still today — 20-something years after the internet, but they use it,” Ehrlich said. “We want them to use the system and make it easy, and that’s why we look at the NFTs and how we bring that marketplace — whether it’s on Solana, Algorand, Avalanche or Ethereum.”



<h3 class="wp-block-heading">Continued growth&nbsp;</h3>



Ehrlich’s remarks came during a conference call summarizing Voyager’s fiscal year 2021, which ended on June 30. The company reported total revenue of $175 million during the year, up from $1 million during the prior year. Assets under management grew from $35 million to $2.6 billion during the one-year span, as funded accounts shot up from 23,000 to 665,000.



Transaction revenue of $154 million beat estimates of $143 million, according to a note authored by Chris Allen, an analyst at Compass Pointe Research &amp; Trading. Fees from crypto assets loaned were $21 million, missing the research firm’s missing our $31 million estimate.



Voyager earlier this month <a href="https://cms.blockworks.co/voyager-digital-preliminary-revenue-drops-40-from-previous-quarter/" target="_blank" rel="noreferrer noopener">projected its revenue</a> for its fiscal 2022 first quarter ending on Sept. 30 to be between $63 million and $67 million, down from $109 million in the previous quarter.



Ehrlich said Friday that the firm last quarter focused on its account growth, which he called the most important long-term metric and strategy. Sustaining that growth used a lot of expenses, he added.&nbsp;



October has been an active month for Voyager, Ehrlich said, noting continued account growth and trading volume.



“I think we’re gaining market share on people,” he said, adding that the Voyager app was ranked 55th in the US this morning on the Apple Store. “With the coins we have, with the ease of use on the platform and how intuitive it is…we’re gaining market share.”&nbsp;&nbsp;



The CEO partly attributed the app boost from its most recent <a href="https://cms.blockworks.co/voyager-digital-partners-with-dallas-mavericks/" target="_blank" rel="noreferrer noopener">partnership with the Dallas Mavericks</a>. In conjunction with the deal, the company offered $100 worth of bitcoin to those who download the app, deposited $100 and traded at least $10. 



“The current quarter could achieve record revenue…validating our strategy to focus on account growth,” Ehlrich said. “We expect to continue to invest heavily into marketing, product development and security.”



To keep up with the growth, Voyager expects to double its headcount in the next six to nine months, as it will seek to hire more developers, product managers and marketers.&nbsp;



<h3 class="wp-block-heading">What’s next?&nbsp;&nbsp;</h3>



Voyager CFO Evan Psaropoulos said the company began engaging with borrowers to accommodate additional loan capacity earlier this year and expects to continue seeing the benefits of these lending relationships.&nbsp;



Voyager partnered with Blockdaemon in April to enable its users to earn interest on a wider scope of coins offered on the platform, and Psaropoulos said Voyager expects to see consistent staking revenues of $40 million to $50 million per quarter, beginning this quarter.



As for future offerings aside from NFTs, the company’s near-term focuses include launching an enhanced loyalty rewards program and a crypto-backed debit card, as well as expanding to Europe, according to Ehrlich. The CEO noted that European regulators earlier this month <a href="https://www.prnewswire.com/news-releases/voyager-digital-secures-final-approval-to-begin-operations-in-europe-301399023.html" target="_blank" rel="noreferrer noopener">approved Voyager</a> to serve customers in France and the European Union.



Coinify, the crypto payment platform Voyager recently acquired that offers individual payment processing in 15 cryptocurrencies and transaction settlement in 20 fiat currencies, “will be the backbone” of Voyager’s launch expansion to Europe, Ehrlich noted.



Voyager is also looking into offering credit cards or collateralized loans.



“With the significant assets we have, [customers are] going to want to borrow against some of those assets with us, so we’re looking hard at the credit side … but those are longer-term projects for us.”

Voyager Looking to Enter NFT Space in 2022, CEO Says

<div id="highlights-block_60e5edfc50d6b" class="highlights">
 <ul>
 <li>Crypto.com branding on UFC apparel to debut during July 10 fight between Dustin Poirier and Conor McGregor </li>
 <li>Voyager CEO to speak at inaugural event for professional athletes to explore wealth-building strategies</li>
 </ul>
 
</div>



Crypto companies already well known by their users are becoming more visible to the general public through sponsorships and education campaigns within the sports realm.



<a href="http://crypto.com/" target="_blank" rel="noreferrer noopener">Crypto.com</a>, a platform with more than 10 million global users, is partnering with UFC to place its branding on apparel worn by mixed martial arts athletes. It will also be integrated into UFC content on platforms including live broadcasts, pay-per-views and UFC-owned social media channels.



The branding will debut on July 10 in Las Vegas during a bout between Dustin Poirier and Conor McGregor and will reach a UFC fan base estimated to be 625 million people.



“It’s a historic moment as the fastest-growing cryptocurrency platform joins forces with the fastest-growing sport to help accelerate the world&#8217;s transition to cryptocurrency,” Kris Marszalek, co-Founder and CEO of Crypto.com, said in a statement. “This is just the beginning of a long relationship with UFC, and we’re looking forward to what we will build together.”



The digital assets company was founded in 2016 and is a top-10 finance app in both the App Store and Google Play. Earlier this year, Crypto.com became the first crypto platform to partner with an Formula 1 team, an NHL team and soccer’s Lega Serie A.&nbsp;



Maggie Ng, chief marketing officer at Coindirect, said it makes sense that firms in the sector are looking for ways to reach more mainstream audiences, noting that sports has long been a powerful vehicle for marketing.



“Marquee sports events have a global footprint, which suits firms with international ambitions, and the typical sports audience also suits crypto firms with the prevalence of young males,” she told Blockworks. “The recent tie-ups in the space make absolute sense and will benefit the whole sector in demystifying it, and making it a more familiar and approachable proposition.”



A Crypto.com spokesperson did not immediately respond to Blockworks’ request for comment about future branding plans with the UFC and other potential partners it may be considering.&nbsp;



The UFC sponsorship was announced the same day that <a href="https://www.investvoyager.com" target="_blank" rel="noreferrer noopener">Voyager Digital</a>, a US platform for cryptocurrency investing and trading, revealed that it is the official cryptocurrency partner for the inaugural Players Symposium. 



The event, held in Las Vegas from July 7 to 9, was created for professional athletes to explore wealth-building strategies across finance, crypto, real estate, personal branding, entrepreneurship, esports and marketing. It will host 100 NFL players.



“[Crypto] plays an important role in long-term financial goals and is a new asset class individuals can have as a way to diversify their portfolios,” Voyager CEO Steve Ehrlich said in a statement. “Athletes are continually presented with business opportunities, and it&#8217;s essential for them to be equipped with the best resources to make financial decisions.&#8221;



Ehrlich will be presenting at the symposium with Nascar driver Landon Cassill, who Voyager sponsored last month &#8211; paying him fully in cryptocurrencies &#8211; for the 2021 Xfinity Series.



<a href="https://cms.blockworks.co/voyager-galaxy-digital-well-positioned-long-term-analysts-say/" target="_blank" rel="noreferrer noopener">Analysts said last month</a> that Voyager’s zero-commission trading model, broad array of crypto trading pairs and large number of coins gives it a stronger value proposition than competitors like Coinbase, Square and PayPal.



The latest moves by Crypto.com and Voyager come less than a week before the MLB All Star Game, during which the game’s umpires will wear an FTX.US patch on their uniform. The 2019 All-Star Game was watched by more than 8 million viewers, according to Nielsen ratings.



FTX became the <a href="https://www.mlb.com/press-release/press-release-mlb-ftx-cryptocurrency-partnership" target="_blank" rel="noreferrer noopener">official cryptocurrency exchange brand</a> of Major League Baseball last month. Umpires will continue sporting the FTX patch for future regular season, postseason and spring training games and fans will see other FTX brand promotion around nationally televised MLB games, MLB.com, MLB Network, MLB.TV and its social media platforms.