In contrast to last year, during this year’s Super Bowl between the eventual champions Kansas City Chiefs and Philadelphia Eagles, there was a distinct lack of cryptocurrency ads.
The highly-coveted Super Bowl commercial spot cost major companies $7m per 30-seconds this year yet there was no sign of any crypto-related ads, a far cry from their dominant position at last year’s Super Bowl.
Crypto exchange companies such as Crypto.com and FTX held such a strong presence on viewers’ TV screens at the 2022 NFL showpiece, which was dubbed by large portions of the media as the ‘Crypto Bowl’.
But now, after a year of significant turbulence not seen in the crypto sector in its relatively short history, crypto companies got no exposure in this year’s Super Bowl, indicative of its sharp fall from previous year highs.
The crypto market was recording all-time highs in prices during 2021 and the beginning of 2022, with popular coins such as Bitcoin and Ethereum trading at over $40,000 and $3,000 respectively.
This garnered the attention of much of the mainstream, with Crypto.com gaining the services of NBA icon LeBron James for its Super Bowl ad last year and FTX collabing with Larry David for its commercial.
However, with the collapse of the TerraLuna coin a few months after last year’s Super Bowl, this was followed by the even more devastating collapse of FTX which only compounded the crypto winter woes for the sector.
Now crypto companies are falling under the limelight for all the wrong reasons, with investors becoming increasingly wary of placing their trust into exchanges that could potentially lose substantial amounts of money, with billions of consumer funds lost as a result of the FTX collapse.
US financial regulator, the Securities and Exchange Commission (SEC), is now acting a lot more stringent to cryptocurrency firms when it pertains to what is deemed a security token and what is not.