Popular crypto derivatives exchange FTX has now struck another sports deal after purchasing an ad in the 56th National Football League’s Super Bowl championship game in February 2022.
Speaking to Bloomberg, FTX CEO Sam Bankman-Fried remarked:
“Our message throughout this year has been that crypto is safe, accessible, and ready for the mainstream. There is no bigger, more mainstream event to share a message like that than the Super Bowl.”
Sports advertising has become a popular marketing tactic amongst crypto service providers as a way to promote their products. FTX has especially leveraged this strategy to advertise its products and exchange services amongst sports enthusiasts.
FTX recently signed a $135 million deal for the naming rights on the Miami Heat’s stadium, became the official crypto exchange brand of Major League Baseball (MLB), as well as signed a $17.5 million deal with the athletic department of the University of California.
When asked about the deal with sports sponsorships, the founder and CEO cited a study by Morning Consult and replied, “Sports fans are 2x more likely to know about crypto than nonsports fans,” adding that, “Avid sports fans are nearly 3x as likely.”
Bankman-Fried declined to comment on the advertising fees or commercial length. However, the price of a 30-second commercial ad at the 2021 Super Bowl was $5.5 million, according to sportingnews.com.