Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report
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 costing 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.
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.
Related: Tom Brady and other celebrities named in class-action lawsuit against FTX
Many global authorities have targeted crypto ads in the wake of the 2022 market crash and firms such as 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 said he would support legislation banning the advertisement of crypto projects to young people.
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