Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report

Fans watching the Kansas City Chiefs look disconnected against the Philadelphia Eagles successful Super Bowl LVII connected Feb. 12 volition reportedly not spot a plethora of advertisement spots for cryptocurrency companies arsenic they did successful 2022.

According to a Feb. 6 Associated Press report, determination had been 4 imaginable deals with crypto firms for commercials costings astir $6 to $7 cardinal successful the 2023 Super Bowl, each of which fell isolated pursuing the FTX bankruptcy filing successful November. Fox Sports’ enforcement vice president of advertisement income Mark Evans reportedly said determination would beryllium “zero representation” from large crypto companies connected Feb. 12, erstwhile astir 100 cardinal radical could beryllium tuned successful to the shot game.

During Super Bowl LVI successful 2022, companies including FTX, eToro, Crypto.com and Coinbase debuted ads. The FTX commercial, which aired astir 9 months anterior to the steadfast filing for Chapter 11 bankruptcy and erstwhile CEO Sam Bankman-Fried being charged with fraud, featured comedian Larry David telling customers: “don’t miss out” connected crypto.

David was aboriginal included successful a class-action lawsuit alleging helium promoted the crypto speech to investors without performing immoderate owed diligence. Other celebrities who backed crypto companies including Matt Damon — for Crypto.com — and tennis prima Naomi Osaka — for FTX — person likewise faced disapproval from users.

Despite the AP report, gaming startup Limit Break announced connected Feb. 6 that it volition aerial an interactive advertisement during Super Bowl LVII successful which it plans to springiness distant dragon-themed nonfungible tokens, oregon NFTs. The advertisement volition seemingly not diagnostic a celebrity, but alternatively see a QR codification for viewers to scan.

Related: Tom Brady and different celebrities named successful class-action suit against FTX

Many planetary authorities person targeted crypto ads successful the aftermath of the 2022 marketplace clang and firms including FTX, Voyager Digital, BlockFi, and Celsius Network declaring bankruptcy. The United States Federal Trade Commission has reportedly opened an investigation into respective crypto firms for “possible misconduct concerning integer assets." In January, the politician of the Central Bank of Ireland besides said helium would support authorities banning the advertisement of crypto projects to young people.