This year, crypto CEOs have seen the Super Bowl as a strong opportunity for promoting cryptocurrency trading to the general public.
In an advertisement with just a QR code that flashed on users’ screens, Coinbase paid $14 million to entice people to participate by creating an account. Until February 15, new users can get $15 in Bitcoin just by signing up. To prove how effective this tactic was, throughout the Super Bowl telecast, the application unexpectedly crashed as a result of it.
Now that we have your attention we'd like to announce that we're giving away $15 in BTC to anyone who joins Coinbase by 2/15.
Click below for more info and RT to tell your friends!
— Coinbase (@coinbase) February 14, 2022
How does scanning the QR Code work?
Those who scanned were taken to Coinbase’s marketing page, where they were given $15 in Bitcoin for signing up. Yet, as stated by The Verge, the Coinbase website collapsed due to an unforeseen problem given the large rush of visitors.
Coinbase’s Chief Product Officer, Surojit Chatterjee, stated on Twitter that “Coinbase had far more activity than we’ve ever experienced, yet our staff worked together and had to limit visitors for a few mins”
The next ₿ig thing is here, even if Larry can’t see it.
We’re giving away 7.54 #bitcoin right now to celebrate!
How to enter:
1) Watch our ad!
2) Follow us
3) Retweet this by 11:59 pm EST
Four lucky winners! #FTXContest
— FTX (@FTX_Official) February 14, 2022
For the FTX Super Bowl campaign, the company promised to give out Bitcoin to numerous winners. Additionally, the Canadian crypto service BitBuy highlighted Miami Heat star Kyle Lowry, who riffed mostly on the subject about a “missed opportunity” with Bitcoin investments during the Canadian telecast.
Co-founder Sam Bankman-Fried had said that FTX’s Super Bowl ads were to be aimed at both customers and US authorities, which is why they’ve been so successful. A positive reputation of the sector and the company is something he strives to achieve with his work. In cooperating with U.S. authorities to introduce new goods to the market, “we’re hopeful” that “we’re going to be allowed to build our U.S. company” were his words.
Cryptocurrencies and virtual currencies have seen a surge in popularity over the last year, and the US administration is trying to stay up from a regulatory point of view. Once the market around certain touted assets collapses, the majority of people will get upset and lose their money, as stated by the experts of the crypto market (which comprises NFTs as well as other digital currencies too) Due to the complicated nature of most of the cryptocurrency environment, investment banks are much more likely to succeed the anticipation business than those who get trapped inside the bubble.
Source – BloombergQuint
A small number of cryptocurrency investors have now become wealthy suddenly as a result of several fortunate deals. Generally speaking, however, most individuals aren’t reaping the benefits. New arrivals to the marketplace will certainly pay exorbitant prices to buy shares of the two digital currencies with the greatest market capitalizations, Ethereum, andBitcoin.
Marketers’ main objective is capacity to apply, not sales, and a thirty-second commercial might not completely shift an audience’s attitude about Bitcoin or fantasy sports. Considering the ever-increasing sums spent on Super Bowl commercials, few of them stick in the mind. When a firm releases an ad that is widely panned, it can lead to a PR disaster that usually results in a partial apology from the corporation. Even yet, they’re primarily filler advertising with a few well-liked celebs thrown in for good measure: spots that are amusing at best but tedious at worst.
Although the “Money Bowl” advertisements are urging investors to spend and play smart, there is a darker side to the campaign.
Deals are presented by several businesses, primarily sporting events sites, to be displayed during the big game. These commercials prey on people’s irrational fear of missing out. The apparent signal is that it’s not quite enough to relax and watch the sport when you might be making easy benefits on the computer.
Cryptocurrency and sports gambling are similar in that you earn or lose. Bettors, on the other hand, tend to lose in the big scheme of things. Marketers have invested thousands of dollars hoping to persuade audiences that people, too, can indeed be champions, yet from the beginning, the system is stacked to benefit the networks, not the individuals which is a matter of trouble for most of the people getting engaged in it.
Meta, on the other hand, jumped on the Coinbase QR code train straight away. Just after the event, the firm had a VR afterparty featuring the Foo Fighters, which it announced via a floating QR code on Twitter.