This weekend, you can get ready for the “Crypto Bowl.” For the first time, advertisements for cryptocurrency firms are anticipated to dominate the commercial breaks during the year’s most important athletic event. Several cryptocurrency exchanges, including Coinbase, EToro, Crypto.com, and FTX, would likely air advertising during the Super Bowl on Sunday. However, the crypto markets expanding visibility in the general market does not end with Super Bowl commercials.
Crypto.com just paid $700 million for naming rights to Los Angeles’ Staples Center, while FTX paid $135 million and $17.5 million for the Miami Heat’s stadium and the field at California Memorial Stadium, respectively. Many other cryptocurrency companies have also entered sponsorship agreements with professional athletes and sports leagues. Celebrities are joining in, too: Canadian musician Drake revealed his Super Bowl wagers on Instagram, including a wager of nearly $400,000 in Bitcoin on the Los Angeles Rams defeating the Cincinnati Bengals.
The advent of all of these crypto advertising during the Super Bowl. It is traditionally one of the most-watched events of the year, frequently hailed as much for the commercials as the action on the field. According to analysts, it might help legitimize the sector and boost its appeal even further.
Cryptocurrency is a difficult concept to grasp. You’re not alone if you don’t know what cryptocurrency is or if it’s a good match for your financial portfolio. However, according to Derek Rucker, a marketing professor at Northwestern University’s Kellogg School of Management, commercials aired to millions of people at such a social event might start to change that.
Cryptocurrency prices tend to climb as more people learn about them and get interested enough to invest. Dogecoin and Shiba Inu, for instance, have seen their prices increase almost entirely due to online buzz.