Several reports show that crypto television ads are beginning to vanish or die down. What was once a rather prominent thing to do (create crypto commercials) is now almost becoming passe or uninteresting to many media companies.
Crypto Commercials Are Vanishing
Crypto has taken a lot of flak in recent months. Right now, the space is doing rather terribly when it comes to prices, which could be one of the reasons why so many television ads are no longer making their way to the small screen. It could be that companies do not see the value of them anymore as with prices being as low as they are, people are less prone to investing. Thus, they don’t want to spend money and see no returns.
Bitcoin, for example, was trading at a new all-time high of roughly $68,000 per unit in November of last year, but now – just ten months later – the currency is doing all it can to retain a position in the low $20K range, and the space has lost more than $2 trillion in overall valuation. It’s a sad an ugly sight, and many analysts don’t see an end in sight (at least not in 2022).
However, while it’s easy to assume that prices are the only factors contributing to the lack of advertisements, it can also be said that the backlash and negative attention received by past crypto commercials have arguably made many media companies do away with creating more in the future.
For example, several crypto commercials were featured prominently during events like the Super Bowl during the first half of the year. One such commercial starred Larry David of “Curb Your Enthusiasm” fame. The commercial was for rising exchange FTX run by Sam Bankman-Fried, and it really rubbed a lot of people the wrong way, many of whom stated on social media platforms that celebrities getting involved in crypto was either tacky or not a good idea.
Several questioned the motives of celebrities voicing support for crypto, claiming they were only in it for the money and were simply directing people towards a certain future or outcome because they were getting paid to do so.
Not Everyone Liked the Past Ones
But while the commercial with Larry David may have been unpopular, this was nothing compared to the nasty backlash that was delivered to several commercials featuring Oscar-winner Matt Damon for Crypto.com. Damon could often be seen in these advertisements taking people through important points of history such as the 1969 moon landing. From there, he told viewers that fortune “favored the bold.” This was followed by the Crypto.com logo appearing on the screen.
This angered many people who claimed that the commercial was saying they weren’t brave if they weren’t going to fork all their money over to the digital currency arena.