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- 1 The biggest marketing event of the year is on February 11, the Super Bowl LVII- Report.
- 2 Not only the Super Bowl but also F1 and a global basketball tournament were financially backed by now-bankrupt FTX.
- 3 Bitcoin is profitably trading above $47k, and its price has reflected an improvement of 9.20% in the past seven days.
The technology used by digital assets for their operation is developing at a constant speed, and in the past few quarters, the entry of the crypto giants has been seen in the sports industry. As per the claims, the 1st company to enter the sports industry for advertisement was FTX.
FTX is now battling a financial crisis and is gathering massive funds to repay the customers and creditors. The available data states that the most significant marketing event of the year is on February 11, the Super Bowl LVII, played between the San Francisco 49ers and the Kansas City Chiefs.
In the past few days, the cryptocurrency market’s capitalization has surged significantly and reached $1.78 Trillion as of writing. Earlier in the first and second quarters, the crypto market struggled as it was battling immense volatility, and the period was termed ‘crypto winter.’
Kraken, a prominent centralized cryptocurrency exchange in the United States, is not releasing a Super Bowl ad.
While talking to FOX media, the Chief Marketing Officer of Kraken, Mayur Gupta, said, “The Super Bowl is a very U.S.-centric event, and the next wave of crypto users will come from all around the world, not just the United States.”
He added, “If the last wave of crypto marketing was all about hype and FOMO (Fear of Missing Out), this current wave has to be rooted in education and awareness for the substance and true value proposition of crypto as a movement that will bring financial freedom and inclusion.”
Agencies and regulators have often alleged that dozens of crypto-focused institutions have broken the rules and regulations while advertising them in the sports industry or any Pacific sport.
Not only the Super Bowl but also F1 and a global basketball tournament were financially backed by now-bankrupt FTX.
Practiced Advertising Style in Crypto
In general, there are several modes and types of advertisement; however, in the past few years, a drastic shift towards sports and celebrity advertising has been seen.
Following the sudden demise of FTX, many celebrities and sportsmen received notice from the concerned court over the promotion of the exchange in the mainstream advertisement category.
Crypto Market Updates
A significant boost in the trading volume of the entire crypto market has been seen in the past 48 hours, and when writing, the market capitalization was $1.78 Trillion. Bitcoin profitably trades above $47k, and its price has improved 9.20% in the past seven days.
Market observers claim that the upcoming Bitcoin halving majorly backs the surge, approval of Ether spot ETF (MAY 2024) and several other factors should be held responsible.
Ethereum, the market’s second most prominent token, also reflects positivity as its price reached $2,491 after adding 7.30% in the weekly time frame.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
