At this week’s Super Bowl, expect to see a lot of cryptocurrency ads.
As The Wall Street Journal reported on Sunday, February 6, many crypto exchanges paid top dollar to run ads during the sporting event between the Los Angeles Rams and the Cincinnati Bengals.
Coinbase will run one, according to an unnamed source, as will FTX and Crypto.com, while Bitbuy, a Canadian exchange, will have one during that country’s broadcast.
Advertising during the Super Bowl is still the most expensive advertising slot on television, with thirty seconds of NBC airtime costing up to $7 million. As such, ads often feature industries that have extra money to spend.
“It’s a way to get our name out there,” said FTX founder Sam Bankman Fried. “In terms of venues to do this, it’s hard to find a more hyped one than this.”
Crypto companies have done well in recent years, with venture capitalists pouring nearly $30 billion into the sector last year and a big crypto rally helping them.
The industry is spending more than airlines, quick-service restaurants and wine and spirits companies this year, according to IEG, a sponsorship consultancy, which said industry spending on sports sponsorships could amount to more than $160 million for North American companies.
In other news related to both the Super Bowl and digital innovations, non-fungible token (NFT) platform Autograph, founded in July by Tom Brady, raised $170 million in a funding round. of series B.
Read more: Tom Brady’s NFT Startup Autograph Wins $170M Series B Funding
Andreessen Horowitz and Kleiner Perkins led the fundraising effort, which also saw participation from Lightspeed Venture partner Nicole Quinn and Katie Haun’s new company.
Additionally, Haun will join the board, as will Andreessen Horowitz partners Arianna Simpson and Chris Dixon, and Kleiner Perkins partner Ilya Fushman.