Remember all those Super Bowl ads that involved the then-red-hot cryptocurrency craze last year? Yeah, so do all the people who lost small fortunes since then, including many of the brands that are out of business. It was the coming out party to show the people who hadn’t yet put real dollars into digital currency what they were missing.
The big game is Sunday, and there will be far fewer celebs breathlessly singing the praises of something many of them probably didn’t even understand.
So, let’s go to the scoreboard to see what happened with the big spenders in the crypto industry who shelled out millions on 30-second commercials.
First, there’s a company that was run by a frizzy-haired alleged con man who is hiding out in his parent’s basement wearing an ankle monitor as he kills time before facing trial on multiple federal fraud charges that could lock him up for decades. FTX was such a golden child last year at this time.
Larry David was starring in a commercial that was a full minute in length. How Sam Bankman-Fried is that? While actual companies still in business, with CEOs who aren’t disgraced and getting ready for trial, produce 30-second spots, of course, FTX had to go for 60.
You will not be seeing an FTX commercial on Fox this Sunday. That’s the one sure thing to take to the bank.
The other three crypto companies who advertised in 2022 are still in business but not as bold and cocky that they were changing the world as they were 12 months ago.
Coinbase has seen its stock price fall 60% since last February. crypto.com has peeled back on its spending spree that included the naming rights of the old Staples Center in Los Angeles. And eToro is about as relevant right now as the “Wazzup Guys” from the Bud Light commercials of decades ago.
Knowing what we do about SBF now, it’s almost unfathomable to think FTX was valued at $32 billion a year ago.
And to show you just how much the world has changed in the year since FTX was all the rage, on top of that pretty clever Larry David ad, Tom Brady and Gisele Bundchen starred in another one of their spots.
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