February 17, 2022
By Anjali Kochhar
Global cryptocurrency exchange Coinbase’s website crashed seconds after screening an ad displaying a QR code in its Super Bowl debut. Immediately, netizens started backlashing the industry for advertising itself at Super Bowl.
Since the Super Bowl is one of the most-watched broadcasts on television, crypto companies are showcasing their ads there.
FTX Trading and Crypto.com have also promoted their ads during the games.
On Twitter, netizens have asked ‘what sort of money’ is advertised and criticized the industry.
Blockchain Asset Review spoke to several experts to understand their views on crypto ads at Super Bowl.
Here is what they had to say:
Pratik Gauri, founder and chief executive officer at blockchain startup 5ire, told Blockchain Asset Review, “ It is important for any product to market itself in front of huge audiences, and Superbowl is just such an event. The criticism leveled against it is in some ways valid that some big exchanges have been hacked in the recent past. But, that does not in any way mean that you stop promoting your product.”
Further, he noted that maligning the entire industry because of a few bad actors is what is often done.
“I think that taking a hack and promoting it to blackball the entire crypto market is improper and uncalled for. It will be like people stopping depositing money in their bank accounts in India just because a bank got robbed in the US.”
Charles Tan, Head of Marketing at Coinstore told Blockchain Asset Review, “Similar to sports, crypto also has young followers and such global sporting events offer great ROI (Return on Investment) to marketers. As long as advertising guidelines are followed for such promotions, it is a win-win situation for both, brands and the advertising industry.”
Raghav Gupta, founder at crypto startup Censor Black said, “Companies want to create brand awareness and there’s no better platform to grab the attention of mainstream customers than the Super Bowl.”
“If the marketing is done ethically, the scope for criticism shouldn’t arise and even if it does, the entire industry shouldn’t be painted in the same light,” Gupta told Blockchain Asset Review.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.