Thursday, December 9

Crypto Exchange FTX Buys Ad for the Super Bowl


FTX, the booming cryptocurrency and crypto derivatives exchange founded by Sam Bankman Fried, recently purchased an ad for next year’s Super Bowl, according to reports.

The Super Bowl is the most significant event in American football. It is the annual championship game of the National Football League. The NFL is the most valuable professional sports league in U.S. and Canada, with some US$13 billion in revenue, according to Sport Casting data. For reference only, the MLB and NBA generate approximately $10 Billion and $7.4 Billion, respectively.

The Superbowl is The Best Way To Spread FTX’s Message

The Super Bowl ad would open up the opportunity for FTX to be introduced to a potential audience of some 91 million viewers. Sam Bankman Fried has done the math, and according to statements reported by Business Insider, the CEO of FTX is convinced that the sports business is the perfect breeding ground for new users:

“Sports fans are 2x more likely to know about crypto than nonsports fans. Avid sports fans are nearly 3x as likely.”

In fact, speaking to Bloomberg, the FTX CEO said the Super Bowl audience is perfect for spreading FTX’s message that cryptocurrencies are easy and safe to use:

“Our message throughout this year has been that crypto is safe, accessible, and ready for the mainstream. We’re inviting everyone to check it out, and here to help them on their journey. There is no bigger, more mainstream event to share a message like that than the Super Bowl.”

The company did not provide further details on the ad’s content or the price; however, according to Statista, advertisers had to pay about 5.6 million U.S. dollars to air a 30-second long commercial during the last Super Bowl.

Super Bowl average costs of a 30-second TV advertisement from 2002 to 2021(in million U.S. dollars).. Image: Statista
Super Bowl average costs of a 30-second TV advertisement from 2002 to 2021(in million U.S. dollars).. Image: Statista

Sports and Crypto

Sam Bankman Fried’s strategy to merge sports and crypto is nothing new. Previously, FTX became the first official crypto exchange to sponsor a sports league by signing a contract with Major League Baseball.

Similarly, FTX bought the naming rights to the former American Airlines Arena and renamed it FTX Arena. In doing so, the FTX-branded stadium also became the official home of the Miami Heats professional basketball team’s games.

FTX also announced today that famed former Boston Red Sox baseball player David “Big Papi” Ortiz (known for being one of the few athletes to break the 500 home run mark in the history of the MLB) had joined the exchange as its new global ambassador.

Rival exchange Coinbase is also trying to grab its slice of the pie with a sponsorship deal with the NBA. Coinbase has the advantage of being the only regulated exchange in the United States whose shares are publicly traded.

It seems cryptocurrencies want to become a global phenomenon in 2021, and the world of sports is the perfect on-ramp for the industry.

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