The 2022 Super Bowl was dubbed the "Crypto Bowl" over all the cryptocurrency spots. Here's how the last year treated those companies in Five for Friday.

Simone Del Rosario Business Correspondent

Where are they now? FTX and other Super Bowl ad-buying crypto companies

Feb 09, 2023

Simone Del Rosario Business Correspondent

By Simone Del Rosario (Business Correspondent), Emma Stoltzfus (Editor), Brent Jabbour (Producer)

The NFL’s Super Bowl attracts hundreds of millions of viewers each and every year. It’s technically a football game but the commercials are their own main event. In 2022, it cost $6.5 million for 30 seconds between the action. Last year, the big game was dubbed the Crypto Bowl because of all of the ads for cryptocurrency exchanges. Here’s how the last 12 months treated these big spenders in this week’s Five for Friday.

#5. eToro

With the massive price tag for airtime during the big game, eToro’s ad fell flat. There was no star power, no comedy and it didn’t generate any buzz. The cryptocurrency and stock trading app’s year was uneventful, similar to that of its commercial. But boring may be welcome considering the struggles crypto has faced over the last year. eToro comes out relatively unscathed.

#4. Binance

Trust yourself.

02.13.22

Here’s a message from all-star basketball forward @JimmyButler ⤵️ pic.twitter.com/WS9XCQrlhO

— Binance (@binance) February 2, 2022

Binance saved its money last year and attempted to head off any concerns about celebrity crypto endorsements. The company tapped NBA star Jimmy Butler for a Twitter video telling fans not to listen to the big names pushing crypto during the Super Bowl. Binance has since been accused of triggering the liquidity crisis that caused the collapse of rival exchange FTX. It’s now dominating the crypto market more than any competitor, filling the void left behind by FTX.

#3. Coinbase

Coinbase’s Super Bowl ad was simply a QR code bouncing around the screen like the old school DVD screensaver. If you scanned it and set up an account, you were eligible for $15 in Bitcoin. The ad had viewers on the edge of their seats wondering exactly what it was. It was so successful the Coinbase app crashed following the initial airing of the commercial. Amid struggles in cryptocurrency that followed since, the company had to lay off more than 2,000 employees in the last year. Coinbase also reported a $1 billion net loss for the second quarter of 2022. It’s not the worst thing to happen to a crypto exchange this past year, but it certainly isn’t good.

#2. Crypto.com

Crypto.com and actor Matt Damon took heat for their “Fortune Favors the Brave” ads which aired well before the Super Bowl. During the big game, Crypto.com opted for a commercial featuring future NBA all-time scoring leader Lebron James. In the end, the spot seemed more like an ad for the NBA superstar than for cryptocurrency. Crypto.com has laid off thousands of employees since last summer and its token Cronos lost $1 billion in value in November due to concerns over the contagion effect of the FTX collapse.

#1. FTX

Larry David being skeptical about innovations throughout human history seemed like a good idea for FTX last year. But the “Curb Your Enthusiasm” star may have been right to be hesitant in the case of FTX. Now it’s bankrupt and founder Sam Bankman-Fried is under house arrest at his parents’. FTX has been accused of illegally financing the Super Bowl spot and Larry David and a whole host of other FTX-promoting celebrities have been named in a class action lawsuit.

Tags: Cryptocurrency, FTX, Lebron James, Sam Bankman-Fried, Super Bowl

SIMONE DEL ROSARIO

THE SUPER BOWL IS TECHNICALLY A FOOTBALL GAME – BUT THE COMMERCIALS ARE THEIR OWN MAIN EVENT. LAST YEAR’S BIG GAME WAS DUBBED THE CRYPTO BOWL BECAUSE OF ALL THE CRYPTOCURRENCY ADS – AT 6.5 MILLION PER 30 SECONDS. AND HOW HAS THE LAST YEAR TREATED THESE BIG SPENDERS? LET’S FIND OUT IN THIS WEEK’S FIVE FOR FRIDAY.

FOR AS MUCH AS THEY SPENT – ETORO’S AD FELL PRETTY FLAT. NO STAR POWER, NO COMEDY, NO ONE REALLY TALKED ABOUT ‘EM. AND THE TRADING APP’S YEAR WAS PRETTY SIMILAR TO ITS SPOT – UNEVENTFUL. BUT CONSIDERING WHAT THE CRYPTO INDUSTRY’S GONE THROUGH, GOOD FOR THEM. BORING MIGHT BE THE PLAY AFTER ALL.

BINANCE THREW SHADE AT THE GAME, IRONICALLY TAPPING NBA STAR JIMMY BUTLER FOR A TWITTER VIDEO TELLING FANS NOT TO LISTEN TO THE BIG NAMES IN THE SUPER BOWL PUSHING YOU TO BUY CRYPTO (POP: “BINANCE AND I ARE HERE TO TELL YOU TRUST YOURSELF AND DO YOUR OWN RESEARCH.”). SINCE THEN, BINANCE HAS BEEN ACCUSED OF TRIGGERING THE LIQUIDITY CRISIS THAT CAUSED THE COLLAPSE OF ITS RIVAL FTX – AND NOW IT’S GOBBLING UP MARKET SHARE UNLIKE ANY OTHER COMPETITOR.

COINBASE’S AD WAS JUST A QR CODE BOUNCING AROUND LIKE A DVD SCREENSAVER. IF YOU SCANNED IT YOU COULD GET $15 IN BITCOIN BY JOINING. IT WAS SO POPULAR THEIR APP CRASHED. BUT THE CRYPTO WINTER IS COLD one. THEY’VE LAID OFF MORE THAN 2000 EMPLOYEES OVER THE LAST YEAR, WHILE REPORTING A BILLION DOLLAR LOSS IN THE SECOND QUARTER. NOT TOO BAD COMPARED TO THE REST OF THIS LIST, BUT STILL NOT GOOD.

CRYPTO.COM AND MATT DAMON GOT ROASTED FOR THEIR FORTUNE FAVORS THE BRAVE ADS WHICH AIRED WELL BEFORE THE BIG GAME. BY THE TIME THE SUPER BOWL ROLLED AROUND, THIS LEBRON JAMES SPOT SEEMED MORE LIKE AN AD FOR THE NBA SUPERSTAR THAN CRYPTO. CRYPTO.COM HAS LAID OFF THOUSANDS OF EMPLOYEES SINCE LAST SUMMER AND THEIR TOKEN CRONOS LOST A BILLION IN VALUE BACK IN NOVEMBER DUE TO THE DREADED FTX CONTAGION. INTERESTINGLY, CONTAGION IS A MATT DAMON MOVIE.

LARRY DAVID BEING SKEPTICAL ABOUT INNOVATIONS SEEMED LIKE A GOOD PLAY FOR FTX LAST YEAR. (SOT POP: “EHHH, I DON’T THINK SO, AND I’M NEVER WRONG ABOUT THESE THINGS.”) BUT, NOW IT’S BANKRUPT AND ITS FOUNDER IS UNDER HOUSE ARREST AT MOM AND DAD’S. FTX WAS ACCUSED OF ILLEGALLY FINANCING THE SPOT, AND DAVID AND OTHER CRYPTO SHILLING CELEBS ARE NAMED IN A CLASS ACTION SUIT FOR THEIR PROMOTION OF FTX.

TALK ABOUT A MIC DROP. I’D BET ON NOT SEEING ANY CRYPTO ADS THIS YEAR. WE HEAR BOOZE IS BACK TO FILL THAT VOID. THAT’S FIVE FOR FRIDAY, I’M SIMONE DEL ROSARIO. IT’S JUST BUSINESS.