Last year’s Super Bowl saw numerous ads from crypto-centric companies that promised to bring the new digital asset to the masses. Unfortunately, it appears those promises were too good to be true – crypto at the Super Bowl was a bust.
During the game, companies such as crypto wallet Gemini, crypto lending service BlockFi, crypto asset management firm Bakkt, and crypto trading platform eToro all ran advertising spots. The actual focus of each of these ads varied. Gemini’s ad, which featured a brief cameo from Robert De Niro and a slogan of “Rethink Money,” was meant to promote the company’s brand and entice consumers to get involved with crypto. BlockFi’s spot, which boasted “Unlock Your Financial Freedom,” was clearly focused on leveraging the notoriety of the Super Bowl to bring attention to its current business. Bakkt, meanwhile, aimed to bring awareness of its upcoming launch and new product. eToro’s ad, which urged viewers to “Invest in the World,” primarily concentrated on mass-marketing its platform.
Though the intentions of each company appeared noble, the outcomes have been less than stellar. Many believe that none of the ads moved the needle in terms of bringing more people into the crypto space.
Gemini, for example, has seen a relatively flat growth rate since their Super Bowl ad debuted. In fact, weekly sign-ups for the company have stayed within the same range since February. And based on web traffic data, more people are visiting their website now than they were before the ad campaign.
BlockFi, on the other hand, was able to see a slight increase in new users after the Super Bowl, but there has been no major surge. In terms of media attention, the company has seen increased coverage but not much in the way of conversions.
Bakkt’s Super Bowl ad was not focused so much on bringing new customers as it was bringing attention to the product before its launch. However, the company’s launch itself saw little fanfare, and web traffic numbers have been minimal since then.
Finally, eToro’s Super Bowl ad failed to move the needle on its platform. Weekly sign-ups have remained largely stagnant since the spot ran, and visits to its website have not increased dramatically in the months since then.
Overall, it seems that the crypto companies’ Super Bowl investments were not money well spent. While each of the companies hoped to capitalize on one of the biggest stages in advertising, it appears none of them achieved the desired results.
