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Crypto Advertising Strategy After the FTX Collapse and Detachment from the U.S. Audience

Super Bowl's limited appeal for crypto advertisers

Despite the Super Bowl's massive viewership, surpassing 100 million annually since 2010, its appeal for crypto advertising appears to wane, especially for the global-focused crypto exchange Kraken. As the crypto community buzzes with speculation about the absence of cryptocurrency ads in the upcoming Super Bowl LVIII, Kraken executives hint at a strategic pivot. 

The event's American-centric appeal seems misaligned with Kraken's vision for a global audience. This perspective gains traction against the backdrop of the 2022 Super Bowl, where the now-defunct FTX made headlines with its major advertising push featuring comedian Larry David, only to collapse months later. Reflecting on the FTX debacle, David expressed regret, encapsulating the sentiment with: 

“So, like an idiot, I did it,” 

The shift from hype to education in crypto advertising

Kraken's chief marketing officer, Mayur Gupta, articulates a significant evolution in crypto advertising strategies, steering away from the erstwhile emphasis on hype and FOMO (Fear of Missing Out). Gupta envisions a new era centered on educating the public about the transformative potential of cryptocurrency.

Gupta stated:

"If the last wave of crypto marketing was all about hype and FOMO, this current wave has to be rooted in education and awareness for the substance and true value proposition of crypto as a movement that will bring financial freedom and inclusion," 

This strategic turn reflects a broader industry trend towards fostering a more informed and sustainable engagement with potential crypto users worldwide, aligning with Kraken's mission to appeal to a global audience beyond the confines of traditionally American-centric platforms like the Super Bowl.

Global reach versus American centricity: Kraken's perspective and the Super Bowl's global ambitions

Kraken's disinterest in the Super Bowl, despite its expansion to a global audience, underscores a vital shift in the crypto industry's marketing ethos. Mayur Gupta highlights the Super Bowl's inherent American focus, contrasting sharply with Kraken's aim to engage a worldwide audience. 

Gupta remarked, pointing towards the necessity for a marketing approach that transcends national boundaries.

"The Super Bowl is a very U.S.-centric event, and the next wave of crypto users will come from all around the world, not just the United States," 

In an interesting countermove, efforts to boost the Super Bowl's international viewership have intensified, with the game being broadcasted in 190 countries and the U.S. State Department organizing watch parties in 30 locations abroad. This push for global reach, however, seems to align more with traditional sports viewership expansion than with the nuanced needs of crypto advertising, which seeks to tap into a diverse, global community interested in financial innovation.

Furthermore, the absence of crypto ads in this year's Super Bowl, particularly from firms like BlackRock and VanEck, which have recently secured approval for spot Bitcoin ETFs, suggests a cautious approach in the wake of regulatory scrutiny and market volatility. 

A representative from VanEck shared, reflecting a sentiment of restraint and perhaps a recalibration of how crypto ventures choose to communicate their value to the public.

"A Super Bowl with no crypto ads will be a good sign,"