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

<div id="highlights-block_63505f4e5b4e3" class="highlights">
 <ul>
 <li>Blockchain gaming company Limit Break plans to feature its DigiDaigaku NFT collection in the Super Bowl spot it bought for $6.5 million</li>
 <li>OKX seeking to create “aspirational” ad about the potential of Web3, OKX Chief Marketing Officer tells Blockworks</li>
 </ul>
 
</div>



Just like 2022’s NFL season, the crypto bear market — which has lasted much longer — trudges on. And while many have cut costs, not all crypto firms are backing down from spending. Some are even gearing up to dish out millions of dollars on Super Bowl ads to build brand awareness.&nbsp;



The 2022 Super Bowl offered <a href="https://cms.blockworks.co/super-bowl-ads-spark-public-interest-coinbase-site-crashes-from-traffic/" target="_blank" rel="noreferrer noopener">a spotlight on the crypto industry</a> less than three months after bitcoin (BTC) and ether (BTC) hit all-time highs, featuring advertisements from FTX, Coinbase, Crypto.com and others. The price of BTC and ETH are each down more than 70% from those peaks.



Though a more-tempered representation is expected this time around, blockchain gaming company Limit Break said last week it bought a Super Bowl ad for $6.5 million. Crypto exchange OKX is also planning to purchase a television spot for the game, Chief Marketing Officer Haider Rafique told Blockworks.&nbsp;



Rafique estimated the cost — between the ad itself, as well as creating the idea for and producing the commercial — could total more than $10 million. He called the company’s recent <a href="https://www.youtube.com/watch?v=6U2Nai5xVvA" target="_blank" rel="noreferrer noopener">“What is OKX?”</a> campaign a preamble to its 2023 marketing efforts, starting with the Super Bowl.



The ad is likely to focus on OKX’s self-custody Web3 wallet, Rafique said.&nbsp;&nbsp;



“When you see a Super Bowl ad from us, it will be about not the future of crypto or finance, but it will likely be about the future of Web3, and the ability for people to read, write and own on the web — and what does that look like for entrepreneurs, for small businesses, for creators and all of us,” he added.



The exchange purposefully held back on marketing during the bull market, Rafique said, allowing it to push forward with marketing initiatives in recent months while competitors have pulled back.&nbsp;



The exchange, for example, <a href="https://cms.blockworks.co/crypto-exchange-okx-inks-f1-mega-deal/" target="_blank" rel="noreferrer noopener">revealed a partnership with Formula 1’s McLaren Racing</a> in a multi-year deal worth “hundreds of millions” in May.&nbsp;



“When the market goes down, people have more skepticism around our industry,” Rafique said. “That’s the time when we should be doing storytelling.”



<h3 class="wp-block-heading">A spotlight on NFTs</h3>



While OKX has not yet finalized its media buy for the Super Bowl, Limit Break has.&nbsp;



The company, founded by mobile game creators Gabriel Leydon and Halbert Nakagawa, is set to feature its DigiDaigaku NFT collection in the television spot. Limit Break gave away the collection during a free mint in August around the time the company raised $200 million from Buckley Ventures, Standard Crypto, Paradigm Ventures, FTX, Coinbase Ventures and others.



The company said in a statement last week that the ad would include a &#8220;Web3 experience&#8221; but declined to share specifics.



“I can assure you that you haven&#8217;t seen what we&#8217;ll be coming out with,” Leydon told Blockworks in an email. “Having this ad is exciting for us because prior to the Super Bowl, there&#8217;s going to be millions of people who have never heard of an NFT.”&nbsp;



The promotion of an NFT collection during the Super Bowl is especially interesting, according to Coinbound CEO Ty Smith, as people will be able to see the effect of the ad on the collection’s volume and price in real time.&nbsp;



“I’m not sure there’s too many products that have that type of insight possible and, as marketers, is something we are watching,” the crypto marketing firm founder said.



By gaining access to roughly 50 million people watching the Super Bowl on television and an expected additional 10 million watching online, Leydon said that the commercial purchase is a way to grow the current DigiDaigaku community that currently consists of roughly 20,000 followers across Twitter and Discord.



<h3 class="wp-block-heading">Who will buy again?</h3>



FTX, Coinbase, Crypto.com and eToro each made ad buys during the US Super Bowl broadcast in February, as <a href="https://www.youtube.com/watch?v=Ut3m9OK1c7Y" target="_blank" rel="noreferrer noopener">FTX</a> and <a href="https://www.youtube.com/watch?v=FUygWsIj_GU" target="_blank" rel="noreferrer noopener">Crypto.com</a> ran commercials featuring Larry David and LeBron James, respectively.



FTX CEO Sam Bankman-Fried said during a discussion hosted by the Bipartisan Policy Center last week that celebrity-fueled crypto ads are less about gaining retail customers than they are about fostering institutional relationships — a concept he admitted seemed counter-intuitive.



“It’s a foot in the door, is what it really is,” he said. “It’s a, ‘Please stop declining our meeting requests and have the meeting so that we can talk about a way we can potentially work together.’”



<a href="https://www.youtube.com/watch?v=eIUD_NE1BDo&amp;t=3s" target="_blank" rel="noreferrer noopener">Coinbase’s 60-second advertisement</a> in February featured a QR code that directed people to a promotional page on its website offering new users free bitcoin. <a href="https://www.youtube.com/watch?v=7O4rP3qwlfo&amp;t=29s" target="_blank" rel="noreferrer noopener">The 30-second ad by eToro</a> promoting “social investing” mentioned crypto several times.



Spokespeople for the four companies declined to comment on whether they would advertise during the Super Bowl again.&nbsp;



Crypto platform Bitbuy was the only firm in the space to advertise on the Super Bowl’s Canadian broadcast. <a href="https://www.youtube.com/watch?v=aI3LNq_lres" target="_blank" rel="noreferrer noopener">The Bitbuy commercial</a> featured NBA star Kyle Lowry.&nbsp;



Though the company’s online marketing spend in the year’s second half has remained consistent to pre-market downturn levels, according to Binu Koshy, Bitbuy’s director of communications, it greatly reduced its offline marketing spend, he said, which includes Kyle Lowry commercials.



“[It’s] not because we don&#8217;t believe in the medium, but because we felt the messaging in the commercials were not reflective of the current market realities, so it wouldn&#8217;t perform,” Koshy said. “We&#8217;ve also noticed that presently none of our top competitors here in Canada are advertising on offline media channels that they were in the past. Obviously that could change.”



Though Koshy said he could not comment on whether the company would run an ad in the 2023 Super Bowl, he noted Bitbuy has “ambitious marketing plans” for next year.&nbsp;



“We will continue to promote the benefits of using a regulated and locally based crypto-trading platform like Bitbuy over unregulated international exchanges,” Koshy said.&nbsp;



<h3 class="wp-block-heading">A different message?</h3>



There may be fewer digital asset-related ads during the 2023 Super Bowl, said Keli Callaghan, a partner at Arrington Capital who formerly led marketing at Algorand. But many entities in this space have a long-term vision and recognize the need for continued education, she added.



“I hope that those that do come to light will be more impactful in terms of educating the US more broadly on the real benefit of being able to exchange value in decentralized models and expand financial participation,” Callaghan said.



Coinbound CEO Ty Smith said he expects crypto messaging during the Super Bowl to have a bit more “gravitas” and foresees the major players positioning crypto as an interesting addition to an investment portfolio.



“The markets are down and a lot of people got burned last year,” Smith said. “Everyone knows that, and I think aware marketing teams are going to acknowledge it while still [educating] viewers about the long-term possibility of Web3.”



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What Crypto Super Bowl Ads Can We Expect in 2023?

Sebastian Sinclair

<div id="highlights-block_6209c0166f009" class="highlights">
 <ul>
 <li>Coinbase&#8217;s site and app reportedly shut down briefly on Sunday following an influx of interest from its Super Bowl ad, though the site and app are back online and functioning as normal </li>
 <li>Super Bowl ads featured an array of companies, from FTX, eToro, Crypto.com and more</li>
 </ul>
 
</div>



Coinbase&#8217;s platform and app were temporarily forced offline on Sunday after it debuted its $14 million ad during the Super Bowl.



The ad, which features a floating QR code box bouncing around the screen for 60 seconds, directs to a <a href="https://drops.coinbase.com/" target="_blank" rel="noreferrer noopener">promotional page</a> on its website offering new users signups $15 in bitcoin. The ultra-minimalist retro-styled ad evoked early computer or console games from the 1970s and &#8217;80s.



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/eIUD_NE1BDo" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen=""></iframe>



Shortly after the ad went live to hundreds of millions of homes in the US, Twitter users began reporting issues connecting to the exchange&#8217;s website and app. It is the first ad Coinbase has spun up for the sporting event.



The mishap calls into question Coinbase&#8217;s stability during times of large site traffic. The platform shut down on several occasions over the last two years, following erratic trading and subsequent dips in bitcoin&#8217;s price.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a> how can you drop this ad and then for the app to crash <a href="https://twitter.com/hashtag/SuperBowl?src=hash&amp;ref_src=twsrc%5Etfw">#SuperBowl</a> <a href="https://t.co/FAbvRnudsK">pic.twitter.com/FAbvRnudsK</a>&mdash; Vanessa 🗺 (@rurisan) <a href="https://twitter.com/rurisan/status/1493014031338283008?ref_src=twsrc%5Etfw">February 14, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The issue, which lasted just minutes, has since been resolved, and users can now access the website along with the promo page which features messages including &#8220;Less Talk, More Bitcoin&#8221; and &#8220;WAGMI.&#8221;



At press time, Coinbase was experiencing issues with Google Pay and directed customers to use alternative payment methods, according to its <a href="https://status.coinbase.com/" target="_blank" rel="noreferrer noopener">status page</a>.



While the influx of interest briefly forced the platform&#8217;s website and app offline, Coinbase&#8217;s Chief Product Officer Surojit Chatterjee <a href="https://twitter.com/surojit/status/1493031594109538304?s=20&amp;t=oBBf-y2Mt1rbTDVx0aOKyw" target="_blank" rel="noreferrer noopener">tweeted</a> Sunday that Coinbase had experienced &#8220;more traffic&#8221; than it had &#8220;ever encountered,&#8221; resulting in engineers having to throttle traffic.



&#8220;We are now back and ready for you,&#8221; Chatterjee said in his tweet. &#8220;Humbled to have been witness to this.&#8221; 



<h3 class="wp-block-heading">Other industry Super Bowl ads</h3>



A variety of industry participants were also present during the ad breaks at the Super Bowl.



Comedian, writer, director and actor <a href="https://en.wikipedia.org/wiki/Larry_David" target="_blank" rel="noreferrer noopener">Larry David</a> was featured in an ad for crypto derivatives exchange FTX, comparing the platform to famous inventions throughout history:



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/BH5-rSxilxo" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen=""></iframe>



As part of the campaign, FTX promised four viewers who retweeted <a href="https://twitter.com/FTX_Official/status/1493028625825869828?s=20&amp;t=hP1VQ1TpqS0ifQXLlZWzKg" target="_blank" rel="noreferrer noopener">the official tweet</a> of the ad will win 7.54 bitcoins — the commercial aired at 7:54 pm ET.



The Crypto.com exchange featured a skit with basketball star Lebron James imparting wisdom to his younger self:



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">In his moment of truth, <a href="https://twitter.com/KingJames?ref_src=twsrc%5Etfw">@KingJames</a> called it. Fortune Favors the Brave <a href="https://twitter.com/hashtag/FFTB?src=hash&amp;ref_src=twsrc%5Etfw">#FFTB</a> <a href="https://t.co/Snhpit3vnh">pic.twitter.com/Snhpit3vnh</a>&mdash; Crypto.com (@cryptocom) <a href="https://twitter.com/cryptocom/status/1493033811105378307?ref_src=twsrc%5Etfw">February 14, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Championing &#8220;social investing,&#8221; eToro&#8217;s ad depicted a swarm of flying retail traders set to a cover of &#8220;Fly Me To the Moon&#8221; — the classic 1950s ballad by <a href="https://www.songhall.org/awards/winner/Fly_Me_To_The_Moon" target="_blank" rel="noreferrer noopener">Bart Howard</a> made famous by <a href="https://www.youtube.com/watch?v=mQR0bXO_yI8" target="_blank" rel="noreferrer noopener">Frank Sinatra</a> during NASA&#8217;s Apollo moon missions. 



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/7O4rP3qwlfo" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen=""></iframe>



Canadian exchange Bitbuy <a href="https://cms.blockworks.co/exchanges-compete-to-grab-super-bowl-spotlight/" target="_blank" rel="noreferrer noopener">ran an ad</a> with its own sports star, Kyle Lowry, while <a href="https://www.youtube.com/watch?v=LcmAlpIp3oM" target="_blank" rel="noreferrer noopener">Facebook</a> and <a href="https://www.youtube.com/watch?v=ljMvZbYDl2E" target="_blank" rel="noreferrer noopener">TurboTax</a> marketing buys also touched on crypto.



Last year, Super Bowl LV generated $434.5 million of in-game ad revenue, with an average price of around $6.5 million per 30-second segment. For every dollar spent for the coveted prime time slots, an average return on investment of $4.60 was received — more than four times the initial spend, according to data by provider <a href="https://www.kantar.com/north-america/inspiration/advertising-media/2021-super-bowl-generated-435-million-dollars-in-ad-revenue#:~:text=Super%20Bowl%20LV%20saw%20a,%245%20million%20the%20previous%20year.&amp;text=Automotive%20continued%20to%20lead%20the,million%20less%20compared%20to%202020." target="_blank" rel="noreferrer noopener">Kantar</a>.



Macauley Peterson contributed reporting for this story.



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Coinbase Site Crashes From Traffic as Super Bowl Ads Spark Public Interest

<div id="highlights-block_620683f5adedf" class="highlights">
 <ul>
 <li>Bitbuy spent roughly a quarter of its 2022 marketing budget on its Super Bowl ad starring Miami Heat point guard Kyle Lowry</li>
 <li>FTX will give away bitcoin as part of its ad campaign</li>
 </ul>
 
</div>



Crypto companies FTX, Bitbuy, Coinbase and Crypto.com are set to run Super Bowl ads on Sunday, marking the first time that companies in the industry will advertise during the game.



Though some advertisers paid as much as $7 million for a 30-second spot, NBC revealed last week, executives at FTX and Bitbuy said the cost is worth it for their companies.&nbsp;



“In the US, there is no other event each year where consumers actively look forward to being advertised to,” FTX marketing executive Nathaniel Whittemore told Blockworks.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“Watching and picking out your favorite Super Bowl ads is a part of the tradition of the big game, and that&#8217;s a pretty unique opportunity to be a part of.”</blockquote>



More than 30 advertisers in this year’s Super Bowl — about 40% of the total group — didn’t run an ad last year, according to NBC. Most of the new advertisers fall into the automotive, technology and travel categories.



FTX <a href="https://cms.blockworks.co/ftx-to-give-away-bitcoin-as-part-of-super-bowl-ad-campaign/" target="_blank" rel="noreferrer noopener">revealed on Monday</a> that it would be giving away bitcoin as part of a contest running in conjunction with the ad. Though an FTX spokesperson declined to share details about the commercial, star power can be expected.



The crypto exchange <a href="https://www.youtube.com/watch?v=uymLJoKFlW8" target="_blank" rel="noreferrer noopener">has run ads</a> featuring seven-time Super Bowl champion Tom Brady and his wife Gisele Bündchen.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="FTX Crypto: Tom Brady is In. Are you?" width="1024" height="576" src="https://www.youtube.com/embed/uymLJoKFlW8?start=1&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



The company also tapped other star athletes last year, such as <a href="https://cms.blockworks.co/ftx-names-stephen-curry-a-global-ambassador/" target="_blank" rel="noreferrer noopener">Stephen Curry</a> and <a href="https://cms.blockworks.co/ftx-inks-deal-with-mlb-star-shohei-ohtani/" target="_blank" rel="noreferrer noopener">Shohei Ohtani</a>, to be brand ambassadors.



“This game comes as something of a capstone on a year during which there has been a massive increase in consumer awareness of the crypto industry,” Whittemore explained. “Between people investing in their first cryptos or exploring NFTs, more Americans than ever are part of the digital asset ecosystem, so we thought it was a great time to bring crypto to the big game.”



The expensive Super Bowl ad buy will not prevent FTX from doing more marketing campaigns in 2022, Whittemore added.



Eric Chen, CEO and co-founder of Injective Labs, argued that the Super Bowl will be the first time that the entire crypto industry is under a major spotlight.



“While the broad crypto market is calming down after major movements in 2021, FTX is trying to increase the platform adoption through advertising,” Chen said. “We can’t predict the exact tradeoff of this investment, but we certainly know that this is very helpful for their PR coverage and global brand awareness.”



<h3 class="wp-block-heading">Canadian crypto exchange looks to reach new audience</h3>



Canada-based crypto platform Bitbuy has recently changed its marketing strategy to target more members of Gen X and baby boomers, according to Binu Koshy, Bitbuy’s marketing and communications director.



Its <a href="https://www.youtube.com/watch?v=aI3LNq_lres" target="_blank" rel="noreferrer noopener">Super Bowl ad</a>, which features Miami Heat point guard Kyle Lowry, will air in Canada. Lowry is well known in the country for playing nine years with the Toronto Raptors and winning an NBA title with the team in 2019.



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg" alt="" class="wp-image-17287" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=50 50w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/My-project-4-1024x576.jpg?w=1600 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Kyle Lowry on the set of Bitbuy&#8217;s Super Bowl commercial | Source: Bitbuy</figcaption></figure></div>



Until about six months ago, Bitbuy primarily advertised through digital channels, where the majority of its users consume media.&nbsp;



“We reached the point where growing our customer base means attracting new consumer segments,” Koshy said. “It’s not sustainable to keep speaking to the same early adopters over and over again who have already jumped into crypto.”&nbsp;



Bitbuy applied to become a registered crypto exchange, a prerequisite to be able to run the Super Bowl commercial. It gained the distinction on Nov. 30 and signed Lowry two days later.&nbsp;



Though the ad was less expensive than the $7 million price tag in the US, Koshy said, roughly 25% of the company’s marketing budget for 2022 went to signing Lowry, as well as producing and buying the ad.



“That is a big percentage, but we feel there is no other media event in the calendar when you can reach so many people at one time,” Koshy explained.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“Studies show there is a direct correlation between sports enthusiasts and crypto investors, and we are using the Super Bowl as a launching pad for our Kyle Lowry commercial to reach sports fans of all the major sports leagues.”</blockquote>



Between 60% to 70% of Bitbuy’s marketing spend this year will be on ads during live sports, he added.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Kyle Lowry “Again and Again”| Bitbuy 2022 Super Bowl Commercial" width="1024" height="576" src="https://www.youtube.com/embed/aI3LNq_lres?start=1&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



Crypto.com and Coinbase are also reportedly set to run ads during the NFL championship game. Spokespeople for both companies declined to share specifics about the commercials.



The upcoming Super Bowl ad for Crypto.com comes after a year of <a href="https://cms.blockworks.co/crypto-com-cmo-on-how-company-went-from-app-to-global-brand/" target="_blank" rel="noreferrer noopener">heavy marketing efforts</a> that included buying the naming rights to what was formerly the Staples Center in Los Angeles and creating a <a href="https://www.youtube.com/watch?v=9hBC5TVdYT8" target="_blank" rel="noreferrer noopener">television spot</a> starring actor Matt Damon.



The company also <a href="https://cms.blockworks.co/lebron-james-partners-with-crypto-com-to-help-kids-learn-about-digital-future/" target="_blank" rel="noreferrer noopener">partnered with LeBron James</a> last month, and <a href="https://twitter.com/KingJames/status/1492547824289935361" target="_blank" rel="noreferrer noopener">a video posted on Twitter Saturday</a> seems to indicate the four-time NBA champion will appear in the company&#8217;s Super Bowl ad.



Crypto exchange Coinbase went public last year and touts more than 70 million users.



<h3 class="wp-block-heading">Alternative campaigns</h3>



Binance is countering the ads running during the Super Bowl with a marketing campaign urging people to “learn crypto and trust yourself.”



The crypto exchange’s campaign, which will not include an ad during the game, features singer J Balvin, <a href="https://cms.blockworks.co/binance-hires-nba-star-to-warn-against-celebrity-ads/" target="_blank" rel="noreferrer noopener">NBA All-Star Jimmy Butler</a> and mixed martial arts fighter Valentina Shevchenko.



During the Super Bowl, Binance is encouraging viewers to visit CryptoCelebAlert.com when crypto commercials with celebrities air to claim one of 2,222 NFTs (non-fungible tokens) featuring Butler. The site will also include a crypto primer to understand basics about the technology.



“Our focus is on being user-first and empowering through education,” a Binance spokesperson told Blockworks. “We appreciate that our competitors are spending to show up in primetime and drive crypto awareness, however our counter-programming approach was developed to draw attention to the gap between awareness and adoption.”



Vancouver-based Dapper Labs also launched NFTs featuring visuals of the conference championship trophies won by the Cincinnati Bengals and Los Angeles Rams.&nbsp;



Additional NFTs with the Super Bowl and winning team logos, as well as the date and score of the game, will become available next week.



“I hope that with this newfound attention, crypto brands think deeply about how they can best educate the public about why this technology matters and how it can positively influence people&#8217;s lives,” said Keli Callaghan, Algorand’s head of marketing.



This story was edited on Feb. 13, at 10 a.m. ET. 



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Crypto Exchanges Compete to Grab Super Bowl Spotlight

<div id="highlights-block_62011b0b2ce65" class="highlights">
 <ul>
 <li>The amount of bitcoin FTX will give out to winners of its Super Bowl contest is based on when exactly the firm’s ad runs</li>
 <li>Competitor Crypto.com is also reportedly running an ad during the NFL championship game on Feb. 13</li>
 </ul>
 
</div>



Some only watch the Super Bowl for the commercials. This year, others might watch to find out how much bitcoin they could win.



Crypto derivatives exchange FTX, which is set to run an advertisement during the NFL championship game, will also be giving away bitcoin to winners of its contest.



The company’s television spot will air during the game’s second half. Though the company is not disclosing other details about the ad, a spokesperson said, the amount of bitcoin FTX gives away will be based on the East Coast time that it runs.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“For example, if the spot airs at 9:45 [p.m.] ET, they will give away 9.45 BTC to four people,” the FTX representative explained.&nbsp;</blockquote>



The price of bitcoin was $43,429, as of 10 am ET on Monday, according to CoinGecko.



To be eligible to win, one must retweet the pinned entry post on <a href="https://twitter.com/FTX_Official" target="_blank" rel="noreferrer noopener">FTX’s Twitter account</a> between the time the ad runs and midnight ET.



Videos teasing the Super Bowl ad and contest are set to run on FTX’s social media channels this week.



<h3 class="wp-block-heading">A big year for crypto and sports marketing</h3>



The planned advertisement and contest follows a year in which crypto marketing around sports has accelerated.



FTX partnered with Major League Baseball in 2021, as well as athletes Tom Brady, <a href="https://cms.blockworks.co/ftx-names-stephen-curry-a-global-ambassador/" target="_blank" rel="noreferrer noopener">Stephen Curry</a>, <a href="https://cms.blockworks.co/ftx-inks-deal-with-mlb-star-shohei-ohtani/" target="_blank" rel="noreferrer noopener">Shohei Ohtani</a> and others, to build its brand.



Crypto.com in November bought the naming rights to the then-Staples Center in Los Angeles as part of a 20-year, $700 million deal. It was officially renamed Crypto.com Arena on Dec. 25. The crypto platform also <a href="https://cms.blockworks.co/lebron-james-partners-with-crypto-com-to-help-kids-learn-about-digital-future/" target="_blank" rel="noreferrer noopener">teamed up with LeBron James</a> last week to teach kids at the NBA champion’s <a href="https://ipromise.school/" target="_blank" rel="noreferrer noopener">I Promise School</a> in Ohio about crypto technology.



Blockchain platform Tezos is set to announce a multi-year sponsorship deal with English football club Manchester United, valued at more than $20 million per year, <a href="https://theathletic.com/news/manchester-united-to-unveil-new-20m-per-year-training-kit-sponsorship-with-blockchain-platform-tezos/rYYZItRffT3P/" target="_blank" rel="noreferrer noopener">The Athletic reported</a> on Thursday.



Ren Besnard, vice president of marketing at Unstoppable Domains, told Blockworks in December that he anticipates more collaborations between brands, digital creative agencies and crypto firms. He predicted at the time that the best Super Bowl ad in 2022 would come from a crypto company.



Like FTX, Crypto.com is slated to run an ad during the Super Bowl, <a href="https://www.wsj.com/articles/crypto-com-will-run-its-first-super-bowl-ad-amid-marketing-blitz-11640174402" target="_blank" rel="noreferrer noopener">The Wall Street Journal reported</a> in December. A spokesperson for the crypto platform declined to comment further.



Ahead of the big game, NBA star Jimmy Butler <a href="https://cms.blockworks.co/binance-hires-nba-star-to-warn-against-celebrity-ads/" target="_blank" rel="noreferrer noopener">said in a Twitter video</a> posted by crypto exchange Binance on Wednesday not to listen to celebrities about crypto.



A Binance spokesperson said that the exchange is working with Butler and other celebrities to urge people to “learn crypto and trust yourself.”



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Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

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