Some of the world’s biggest crypto exchanges are paying millions of dollars for TV advertisements during the Super Bowl.
According to a report from The Wall Street Journal, crypto exchanges Coinbase Global, FTX and Crypto.com are buying up ad slots during the NFL’s big finale for top-tier prices. It will be the first time crypto companies have had advertisements in the Super Bowl.
FTX CEO Sam Bankman-Fried said that buying advertisement slots during the Super Bowl was a way to promote the exchange’s name and that it was “hard to find a higher-profile” way of doing so.
FTX said via Twitter that it would be giving out millions of dollars of free Bitcoin as part of its Super Bowl commercial.
We're giving some #bitcoin away!
How much? $1 million worth?! $1.5 million worth?!!?! We don't actually know yet.
The later our Big Game ad airs, the more #bitcoin you can win. See you Sunday! #FTXcontest
No purchase necessary. Subject to T&C: https://t.co/L7o8Jz25TT pic.twitter.com/mfA0q2FIFG
— FTX (@FTX_Official) February 7, 2022
According to AdWeek, the crypto exchanges will be shelling out as much as $7 million for each 30-second window of advertisement.
Crypto’s entrance to the US’ biggest sporting and television event comes after a series of large investments from firms within the digital asset industry.
Late last year, FTX inked a deal with the NBA’s San Francisco-based Golden State Warriors to be the team’s official cryptocurrency platform and distributor of non-fungible tokens (NFTs). The crypto exchange also paid $17,500,000 for the naming rights to California Memorial Stadium, and in addition, signed a 19-year partnership agreement worth $135 million which included the renaming of the Miami Heat’s stadium to FTX Arena.
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