Taking aim at “hype and FOMO” tactics
Crypto marketing at the Super Bowl – the premier advertising event for many industries – is facing growing skepticism from within the industry itself. Kraken’s Chief Marketing Officer Mayur Gupta argues that the massive expense does not match the educational outreach needed to help crypto gain wider adoption.
Gupta told FOX Business that the Super Bowl “has too much of a U.S.-centric outreach,” whereas future crypto users will come from all over the globe. He emphasized that marketing should focus on “education and awareness” rather than “hype and FOMO.
There were no crypto ads during the 2021 Super Bowl amid market turmoil. However, this year’s big game saw six crypto companies advertise, including Crypto.com, Coinbase, FTX and eToro.
Criticism of celebrity endorsements
Actor Matt Damon faced backlash for his Crypto.com commercial, with some calling it an “embarrassing cash grab”. Damon defended the ad by noting that his charity received donations as a result. Larry David also expressed regret over his FTX commercial after the company’s former CEO was charged with fraud and he was sued.
Coinbase’s Super Bowl ad featuring a QR code that crashed their app was humorously commented on by Edward Snowden on Twitter. The company spent $16 million on the commercial.
Gupta’s critique highlights the debate within the crypto industry over whether flashy marketing or education should take priority as the sector seeks wider adoption.
With crypto companies likely to continue advertising heavily at future Super Bowls, Gupta believes the focus should shift to “creating educational content that helps people understand crypto” to foster long-term growth.