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FTX Scores Another Sports Sponsorship With Super Bowl Ad
The crypto exchange is buying into one of the biggest sporting events of the year. Of course it is.
Cryptocurrency exchange FTX is paying for a commercial to run during the National Football League’s Super Bowl championship game on Feb. 13, CEO Sam Bankman-Fried confirmed to CoinDesk on Tuesday.
- FTX has put its name seemingly everywhere when it comes to sports advertising, including the arena for the National Basketball Association’s Miami Heat, Major League Baseball umpire shirts and the University of California Berkeley’s football stadium.
- “Of course we’re doing the Super Bowl thing,” Bankman-Fried said in a statement to CoinDesk, referring to the biggest event in the U.S. pro football world. “Would you really expect us not to? We actually wanted to buy the Super Bowl itself but they don’t yet accept cryptocurrency. So we’re settling for buying ad time.”
- Bankman-Fried noted that sports sponsorships make sense because “sports fans are two times more likely to know about crypto than non-sports fans. Avid sports fans are nearly three times as likely,” citing research from Morning Consult.
- NFL quarterback Tom Brady and supermodel wife Gisele Bündchen already own stakes in FTX and serve as ambassadors for the exchange.
- A plethora of crypto-related commercials are expected to be aired this year during Super Bowl LVI as the industry moves towards targeting mainstream consumers.
- Bankman-Fried declined to discuss the length of the ad or say how much FTX is paying to run it. According to sportingnews.com, the price of a 30-second ad for Super Bowl LV in 2021 was $5.5 million.
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Read More: FTX Raises $420,690,000
UPDATE (Oct. 26, 20:36 UTC): Adds 2021 price for a Super Bowl ad in last paragraph and other information throughout.
Eli Tan
Eli was a news reporter for CoinDesk who covered NFTs, gaming and the metaverse. He graduated from St. Olaf College with a degree in English. He holds ETH, SOL, AVAX and a few NFTs above CoinDesk's disclosure threshold of $1000.
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