Prices for Bitcoin and other digital tokens have plummeted, regulators around the world have taken a harder line against the industry, and some of the biggest names in crypto have seen their fortunes evaporate.
As a result, many of the firms that spent millions on Super Bowl ads last year have dialed back their spending this year or skipped the game altogether.
Cryptocurrency firms are expected to make far less noise during next Sunday’s Super Bowl. In the year since those celebrity-packed ads debuted, the entire crypto industry has been rattled by a collapse in digital prices.
Prices for Bitcoin and other digital tokens have plummeted, regulators around the world have taken a harder line against the industry, and some of the biggest names in crypto have seen their fortunes evaporate. As a result, many of the firms that spent millions on Super Bowl ads last year have dialed back.
A senior strategist at the digital marketing agency Blockparty. “We’re seeing a lot more of our clients move towards experiential activations and fan engagement initiatives that reward users for engaging with the brand beyond just a simple click or transaction.”
Crypto marketing is evolving in the face of a “crypto winter.” Despite the downturn, sports advertising remains a crucial avenue for digital currencies, marketing experts say. Their target demographics share significant overlap – sports fans and crypto traders tend to be mostly male and mostly young. But turmoil in the crypto space means marketers are changing their tactics.
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“The tone has shifted towards Web3-driven fan engagement over crypto-specific advertising,” said Silvia Lacayo, a senior strategist at the digital marketing agency Blockparty. “We’re seeing a lot more of our clients move towards experiential activations.
said Richard Lacayo, a senior editor at TIME. Crypto firms are focusing on developing better user experiences, products, and customer service, according to Lacayo.
According to Adweek, crypto firms are focusing less on crypto advertising and more on investing in better user experiences, products, and customer service.
“The crypto industry is maturing, and players within it are realizing that good products and customer service are more important than flashy advertising,” said Lacayo.
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