{"id":9278,"date":"2022-03-14T14:58:35","date_gmt":"2022-03-14T14:58:35","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/financial-future-or-false-promises-crypto-firms-go-big-on-ads-in-2022\/"},"modified":"2022-03-14T14:58:36","modified_gmt":"2022-03-14T14:58:36","slug":"financial-future-or-false-promises-crypto-firms-go-big-on-ads-in-2022","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/financial-future-or-false-promises-crypto-firms-go-big-on-ads-in-2022\/","title":{"rendered":"Financial future or false promises? Crypto firms go big on ads in 2022"},"content":{"rendered":"
Advertisements are in abundance everywhere we go \u2014 from billboards seen throughout road trips to commercials displayed every fifteen minutes or so during television shows. It\u2019s also the case that most advertisements today display messages from major internet-based brands like Amazon, which was ranked as the largest advertiser in the United States in 2020. Telecommunication providers and payment giants like American Express have also been listed as some of the biggest advertisers in the United States. These companies typically spend billions of dollars per year on marketing messages aimed to inform, persuade and remind consumers about their products and services.\u00a0<\/p>\n
While dot-com brand commercials and social media advertisements continue to bombard consumers, some advertising executives believe that crypto companies will dominate advertising in 2022 and in the years to come. <\/p>\n
Mark DiMassimo, founder and creative chief of DiGo \u2014 a New York-based marketing agency \u2014 told Cointelegraph that he believes crypto-focused ads will dwarf the dot-com and social media phenomenon due to the rise of Web3 and the integration of crypto assets within digital ecosystems known as the Metaverse.\u201d DiMassimo said:<\/p>\n
\u201cThis is not typical consumer language, but almost every startup I work with or LinkedIn job offerings I see mention the Metaverse and Web3 now. Cryptocurrency is central to all this. Therefore, I think this will be a bigger ad boom than the dot-com and social boom.\u201d <\/p><\/blockquote>\n
DiMassimo added that the rise of nonfungible tokens (NFTs) has also increased the popularity of cryptocurrency. This, in turn, has allowed crypto companies to obtain large advertising budgets. \u201cMany early adopters focused on word of mouth marketing or advertising through Reddit, Discord and other social channels. We\u2019ve reached the next level though, which is being displayed through classic marketing and advertising techniques,\u201d explained DiMassimo. <\/p>\n
For instance, DiMassimo pointed out that crypto commercials displayed during the 2022 Super Bowl highlighted the notion that blockchain companies will dominate the advertising world moving forward. \u201cI called the 2022 Super Bowl the \u2018Crypto Bowl,\u2019\u201d he joked. To DiMassimo\u2019s point, though, 2022 Super Bowl ads from leading crypto companies like FTX and Coinbase did make an impact, attracting an abundance of media attention while also demonstrating that crypto companies have massive advertising budgets. <\/p>\n
An NBC executive disclosed that NBC was selling 2022 Super Bowl ads for $6.5 million for 30-second spots to put this in perspective. Bloomberg reported that some ads sold for as much as $7 million this year. \u201cProduction values are going to \u2018Mars\u2019 and crypto companies want to have their voices heard in the real world,\u201d said DiMassimo. As such, he believes that more crypto organizations will sponsor ads with celebrities or with sports stadiums to prove they mean business. <\/p>\n
Are crypto commercials selling false promises?<\/h2>\n
While the rise of crypto ads is notable, some industry experts are aware of the dangers associated with cryptocurrency companies promoting advertisements to the masses. For instance, Richard Smith, an investing expert and chief operating officer of risk management tool RiskSmith, told Cointelegraph that this year\u2019s Super Bowl ads from crypto companies were a disappointment in the sense that they completely failed to be honest with their audience: <\/p>\n
\u201cThese commercials didn\u2019t disclose any risks involved with high levels of financial speculation. There was no recognition of risks at all in fact \u2014 only rewards. I understand that Super Bowl ads are supposed to be fun and lighthearted, but these were not authentic.\u201d<\/p><\/blockquote>\n
Smith elaborated that the Coinbase Super Bowl commercial boasted<\/a> the reward of getting free Bitcoin (BTC) simply by scanning a color-changing QR code, which silently moved across the television screen. When scanned, the QR code redirected users to Coinbase\u2019s landing page that promoted a Bitcoin giveaway and sign-up promotions. <\/p>\n