Crypto.com and FTX to shell out millions for Super Bowl ads
Cryptocurrency exchanges are officially aimed at the general public, with Crypto.com and FTX both planning to run ads during the Super Bowl, the nation’s most-watched annual television event.
The Wall Street Journal first reported the advertising purchases of the two companies.
Singapore-based Crypto.com has been particularly active in publicizing its name: the company bought the exclusive naming rights to what was previously known as Staples Center Arena in Los Angeles for $ 700 million out of 20 year.
Super Bowl commercials are the most expensive in the world with the price of a 30-second commercial during the NFL Championship game that cost $ 5.5 million last year.
The Journal reports that NBCUniversal, which is part of Comcast (CMCSA) – Get the Class A report from Comcast Corporation and owns the rights to broadcast the Super Bowl in February, is looking for at least $ 6.5 billion for 30-second spots.
Cryptocurrencies are having their breakthrough moment with bitcoin prices hitting record highs in recent months. Now, Crypto.com and FTX are looking to capitalize on the sunny moment of digital currencies.
“There are a lot of people who say crypto is a fad, just like they said the internet is a fad,” said Steven Kalifowitz, chief marketing officer of Crypto.com. Newspaper. “Crypto is really the basis of the next version of the Internet.”
Earlier this year, FTX paid $ 135 million for a 19-year naming rights contract for the NBA Miami Heat arena in South Beach.
In September, FTX announced that it had hired NFL star Tom Brady and his model wife, Gisele Bundchen, to star in a $ 20 million ad campaign.
Competition within the crypto exchange market is also driving the increase in advertising, with more than 500 crypto exchanges seeking recognition, according to Cryptimi.