Despite the fact that the FTX crypto exchange disaster is already in the past, the ghosts of the industry’s previous leading exchange are still haunting the cryptocurrency market, especially considering the absence of this year’s National Football League (NFL) biggest night.
The night for the crypto business in sports was Super Bowl LVI. Companies like as FTX, Crypto.com, Coinbase, and eToro raised the flag for the sector at the Mercedes-Benz Stadium in Atlanta, Georgia, using advertising from the NFL’s last season.
This year’s Super Bowl LVII will have no representation from the cryptocurrency business in the advertising. According to multiple sources, the NFL banned the business from their big night because of the current FTX crisis, layoffs, and legal scrutiny.
No Crypto Bowl This Year
According to Mark Evans, senior vice president of ad sales for sports network Fox Sports, there would be no presence from the embryonic business during this day.
Evans stated that before the FTX bankruptcy and the public conflict that generated a storm in the sector, two crypto businesses had Super Bowl advertisements scheduled and completed, while others would have participated on the event’s yard line.
Annually, more than 100 million Americans tune in to watch the NFL championship game to determine the season’s victor, and many of them turn to their televisions to watch the advertisements that broadcast in between the action on the field.
The Super Bowl last year was called the “Crypto Bowl” because bitcoin businesses aired flashy advertising. However, due to the public crisis surrounding FTX’s bankruptcy and the prosecution of its founder in a plot to swindle investors, the industry has been removed.
Last year, crypto exchanges such as FTX and key organizations in the crypto ecosystem purchased advertisements as part of a marketing effort to promote and introduce cryptocurrency to the event’s which contain more than 100 million spectators, which helps the industry to earn mainstream recognition.
At the event, crypto firms included celebrities like as comedian Larry Davies for FTX’s advertisement and NBA legend LeBron James for Cypto.com.
Some firms, such as Coinbase, included a floating QR code in their advertisements, which drew so much attention that the platform’s website collapsed during the Super Bowl game.
The advertising at the Super Bowl generated criticism, especially from Senate Banking Committee Chairman Sherrow Brown, who questioned the presence of these ads in the Super Bowl’s commercial breaks and questioned why these crypto ads were given such prominent placement throughout the game.
“The ads left a few things out. They didn’t mention fraud, scams, and outright theft,” Brown said during a February congressional hearing. “The ads didn’t point out that you can lose big in crypto’s huge price swings. They didn’t tell you about the high fees pocketed by the crypto companies.”
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