A Closer Look at Cryptocurrency Advertising
January 24, 2022
The world of cryptocurrency, or crypto, is fast-growing and ever-changing. Yet, while the purveyors of the digital currency can speak to and understand the industry’s nuances, many consumers remain somewhat unaware of the digital payment system and the exchange platforms available.
Late last year, cryptocurrency exchange platforms FTX and Crypto.com made their first foray into national television advertising, and both have since announced that they will be running their first Super Bowl commercials next month (among other Super Bowl rookies Booking.com, Rakuten, and Wallbox.)
While the Super Bowl is a highly-unique advertising environment that cannot be compared to regular ad viewing environments, we couldn’t help but be curious how these new crypto-platform ads perform in the real world.
Using our industry-leading in-market ad effectiveness measurement tool Phoenix Brand Effect, we tested the in-market performance of these ads against the others in the broader Cryptocurrency category.
Despite mixed reviews and lukewarm reception from the media, Crypto.com appears to be the clear winner here. Their ad “Fortune Favours the Brave,” which featured actor Matt Damon walking through images of explorers and innovators throughout time, performed well above the norm for the Crypto category. In addition, despite few visible brand cues throughout, the ad still managed to perform above the norm for Brand Linkage. While seen as a bit of an anomaly, the increased media attention the ad received after it launched could be a contributing factor in its surprising branding. However, as we’ve seen before, sometimes a little controversy can launch an ad from a casual runner to the national stage.
On the other hand, FTX’s “Introducing Lou Nar: The Moon” did not perform as well in-market. However, it is worth noting that this ad was a part of a larger sponsorship with Major League Baseball, and aired during a tight window during baseball season. While the cryptocurrency exchange platform came in at the norm in terms of Ad Recall thanks to its clever premise, the ad’s low Brand Linkage is what ultimately brought the overall Brand Memorability down.
While “Lou Nar” and MLB was the brand’s debut in national advertising, we are curious to see how their other ads, featuring legendary NFL Quarterback Tom Brady and his wife/fashion model Gisele Bündchen compare on the main stage. Even though Tom Brady didn’t make it to the Super Bowl this year, his ad might! Stay tuned to see how the rest of FTX’s advertising holds up in the coming weeks.
The Super Bowl is just a few weeks away, and both of these cryptocurrency exchange brands are planning on airing ads for the first time during the Big Game. We at Phoenix have been tracking advertising performance in the Super Bowl for over ten years and understand that with great investment ($6.5 million for a :30 ad spot) comes great responsibility (to effectively track the effectiveness of your ads in this highly-unique viewing environment.)
Stay tuned in the coming weeks as we analyze the performance of Crypto.com and FTX’s Super Bowl debut (along with the rest of the advertising contenders.)
Understand the Impact of Your (or Your Competitors’) Super Bowl Advertising
With the $6.5 million price tag for a 30-second ad spot, combined with an average viewership of 106.5 million, advertisers need to make sure that they make the most of their Super Bowl investment.
Phoenix’s Super Bowl LVI Report provides a deep dive analysis into your brand’s performance during the big game at the ad level. More than just a ranking system, our analysis helps advertisers understand specific drivers of success in this highly unique airing environment.