Crypto Marketing with Ty Smith
Our Top Crypto Super Bowl Ads 2022 | Ep 58
About this episode
Ty Smith breaks down the biggest crypto ads from the 2022 Super Bowl, an event he calls the moment crypto marketing went fully mainstream. He walks through Coinbase's silent bouncing QR code ad that crashed the company's website with 20 million hits, FTX's Larry David spot that cast crypto skepticism against major moments in history, and Crypto.com's LeBron James commercial that leaned on the brand's growing ties to sports through partnerships like the UFC and Crypto.com Arena in LA.
Beyond describing what happened on screen, Ty argues these ads shared a common strategy: selling FOMO rather than crypto itself. Instead of pitching returns or features, the ads framed crypto as an inevitable part of the future, something viewers could join now or risk being left behind on. He closes with predictions that mainstream celebrity partnerships and out-of-home advertising, previously cautious about crypto clients, will open up significantly following this moment.
Key takeaways
- Simplicity can outperform spectacle: Coinbase's silent QR code ad got more attention than expensive, elaborate commercials by doing the opposite of everyone else.
- A bold, unconventional ad format can generate free exposure across social media beyond the paid airtime itself.
- Casting a persona that mirrors real audience skepticism, like Larry David's naysayer role for FTX, can make a brand's message land more authentically.
- Aligning a crypto brand with an existing audience a company already targets, as Crypto.com did with sports through UFC and its LA arena, builds a coherent long term brand story.
- Selling FOMO, positioning crypto as inevitable rather than emphasizing returns, is an effective narrative for mainstream ad audiences.
- Celebrity and mainstream brand partnerships in crypto are likely to increase now that high profile names like LeBron James and Larry David have publicly attached themselves to the industry.
- Expect more openness from out-of-home advertising networks, such as Times Square and Outfront Media, that had previously been cautious about crypto clients.
Questions this episode answers
What crypto brands advertised during the 2022 Super Bowl?
Coinbase, FTX, Crypto.com, and eToro all ran crypto-focused ads during the 2022 Super Bowl. Ty calls it the first time crypto ads appeared at this scale during a major US sporting event.
Why was the Coinbase QR code ad so effective?
The ad ran a bouncing QR code silently for 30 seconds with no sound or dialogue, which stood out because it was so different from every other loud, expensive Super Bowl ad. It drove 20 million hits in seconds and crashed the Coinbase website, linking to a page offering $15 in free Bitcoin for signing up.
What was the FTX Super Bowl commercial about?
FTX's ad starred Larry David playing a naysayer across different moments in history, dismissing the wheel, the Declaration of Independence, and eventually FTX itself when someone tells him it's the new way to buy crypto. Ty says it worked because it mirrored how much of the country still reacts to crypto with skepticism.
What did the Crypto.com LeBron James ad do differently?
The ad showed LeBron talking to his 2003 self about the future, ending with the Crypto.com logo, without explaining what crypto actually is. Ty says it worked because Crypto.com is building a brand around aligning sports and crypto, backed by moves like the UFC partnership and Crypto.com Arena in LA.
What does the 2022 Super Bowl mean for crypto marketing going forward?
Ty argues this was the moment crypto marketing went fully mainstream, since celebrities and brands that were once hesitant to attach their name to crypto, like LeBron James and Larry David, are now doing it openly. He predicts more mainstream brand partnerships and looser restrictions from out-of-home advertising networks like Times Square and Outfront Media.
What was the common message across the crypto Super Bowl ads?
Ty points to a Verge.com headline that said the ads sold FOMO, not crypto itself. Instead of pitching crypto as a way to make money, the ads framed it as an inevitable part of the future that viewers could either join now or get left behind on.
Full transcriptShow
Ty Smith0:03
What is up, guys? Today we are discussing crypto marketing in the Super Bowl. So, this Super Bowl was kind of like the game of crypto marketing. We saw a huge amount of crypto marketing in the biggest event of probably the United States sporting world. So, we're going to go through the top commercials in the Super Bowl that were crypto-focused. We'll go through what made them strong, and then really what this means for crypto advertising.
Ty Smith0:23
So, I mean, this Super Bowl was the Super Bowl of crypto. There was more Super Bowl ads that were crypto-focused than ever before. I don't know if there's honestly ever been a crypto-related ad in a Super Bowl or even any kind of major sporting event of this size. It was done in LA, which is the home now of Crypto.com Arena. There was tons of parties hosted by essentially like NFT holders, Snoop Dogg being one of them, Eminem being one of them, both of whom performed during the halftime show. Just tons of exposure just for the world of crypto. It was super, super exciting to see. And my agency, Coinbound, actually got to work on one of the ads, which was really cool to see kind of the behind the scenes before it actually got launched. And there's a lot that goes into these ads, honestly. It is crazy. But I mean, let's break down the top three commercials.
Ty Smith1:23
So, I believe this was the first one crypto-related to play during the game. It was Coinbase's ad. If you didn't see it, you probably heard about it. It blew up social media. For 30 seconds, they just played a QR code. It was just up and down in all the corners of the screen, the kind of retro screensaver for TVs. And it was just a QR code. It brought you to drops.coinbase.com, which just had like a special offer. I think it was $15 in free Bitcoin when you sign up. Massively successful. The team reported they saw 20 million hits in the first whatever couple seconds of that ad running, crashed the website. And that's always a pretty interesting metric to hit as a marketer is crashing the website of the company that you're promoting. That kind of says you did your job. Someone also said that it gave you a pretty good taste of what it's like to work with Coinbase, but that's a whole another thing.
Ty Smith2:24
That was super interesting. I mean, it was so basic. It was so simple that it was like shocking. Before I even saw that it was Coinbase, it had my full attention more than most ads did during the Super Bowl because it was just silent in a time where there is no silence. People are paying $7 million plus for a 30-second ad. To just run a QR code is such a bold marketing move, probably the boldest thing we've ever seen in crypto marketing, honestly. So, that was huge. And then it just followed up with a quick just like Coinbase in retro writing, kind of blending old with new, the kind of old age of technology with the new age of technology. I thought it was kind of artsy and done in a really cool way. And it was all over Twitter. So, not only did they get all the impressions from the Super Bowl ad, just the boldness of the ad got eyeballs across all social media.
Ty Smith3:24
Another one that was awesome was FTX's commercial. They used Larry David. Basically, he is just going through like they go through different moments in history, like the Babylonian times to the signing of the Declaration of Independence to like all these kind of like huge historic events, and he's just basically like kind of a naysayer, telling the guy who invented the wheel that it's a dud, it's not going to work, kind of scoffing at the idea that the Americans during the signing of the Declaration of Independence were like crazy for doing such a thing. And then the ad ends with him, has someone in his office who says to him, 'Yeah, it's like the new way to buy crypto.' And on the phone is FTX, the app to buy crypto. And he's like, 'No, I don't think so.'
Ty Smith4:31
I thought that was great. I mean, Larry David's killing it as far as like all the all the fame from Curb Your Enthusiasm. He really played in well with like that kind of persona that he plays in the show of just being like this naysayer, kind of being nitpicky about stuff, being really like bearish on just advancements in general. He kind of likes to be kind of like conservative with with new things that are coming out. And he was a pretty accurate like depiction of what a lot of like the country honestly is still with crypto. Like crypto's so mainstream now, and there's still so many people that are saying no to it. I think FTX did a great job of kind of showing people like who you're hitching your wagon to. Is it the people that are favoring the future, or is it the people that are kind of just saying no, even though it is the future, like inevitably, which I obviously feel and most people in the crypto world feel.
Ty Smith5:29
The third one was Crypto.com's ad. So, they used LeBron. Basically, it's him talking to 2003 version of himself before he gets into the NBA and is rich and famous and everything. And young LeBron is kind of asking about what the future is like. And he's explaining it to him. And it ends with Crypto.com on the screen. I like that for a number of reasons. Crypto.com, I think, is doing a really interesting job of targeting like the sports market specifically. They have partnerships with the UFC. Obviously, I mentioned before, they have Crypto.com Arena now in LA for basketball and other events. They have done a really interesting job, I think, of aligning the sports audience with the crypto audience. And I think they're going to be massively successful. I mean, they already are. But they did a great job. It was super well executed, in my opinion, aligning sports, which they already made big moves towards marketing towards, with crypto. I mean, they didn't, I don't think, discuss anything that was crypto-related other than just blasting the logo Crypto.com. But nonetheless, I could see kind of the whole brand picture of what they're trying to build. And it's very much this like alignment of sports, sports betting, and crypto. So, I think they hit the nail on the head there.
Ty Smith6:46
What made them strong, all these ads in combination, was just that, I mean, it doesn't get bigger than the Super Bowl. Like, the Super Bowl is the Super Bowl of advertising. It's the Super Bowl of the Super Bowl. It's the biggest event of advertising. Millions of dollars go into both producing these ads as well as airing them. It's seen by everyone, whether you're a football fan or not, you probably watch the Super Bowl. I mean, people even come just to watch the ads of Super Bowls. And getting not one, not two, but multiple crypto ads up there, I mean, it's mainstream. Like, this is like the moment that crypto has gone mainstream. We have multiple ads from the biggest companies in crypto advertising on the biggest platform in the United States. Crypto is mainstream now.
Ty Smith7:44
Not only just the the message that is done by actually launching these ads, but the messaging that like was in the content of the ads. So, not only did they say like, 'Hey, buy crypto,' they said, 'Look, this is here. Get on board, or you're going to miss out.' I mean, every single ad, with the exception of Coinbase because it was so simple, but the FTX, Crypto.com, even eToro had an ad that was was talking about crypto and stocks. All of them basically kind of alluded to this idea that like crypto is here, and you can either join, or you can get left behind. Verge.com had a headline today or yesterday, it said, 'Crypto ads in the Super Bowl sold FOMO, not crypto.' And I think that was a great way to put it because they weren't saying, 'Buy crypto because you're going to make more money.' They said, 'Like, look, crypto as an industry is here to stay. Join.'
Ty Smith8:46
Predictions for the upcoming crypto advertising, I mean, it's only going to get more mainstream. We've successfully, I mean, a whole asset class has been born. Young people are coming into the world of finance, personal finance, looking at, you know, bonds, mortgages, savings, CDs, everything, and crypto being one of those just kind of things that they're introduced to at the same time as other investment vehicles. I think it's going to be huge with more just brand partnerships. For years, as a crypto marketer, it's been difficult to kind of secure these like mainstream partnerships when it comes to advertising crypto because everyone kind of is like, 'Am I like, yeah, it seems legit, but like am I going to be the person to really slap my name on it and and get out there?' And now, I mean, we have LeBron doing it. We have Larry David doing it, all from this, one event. I don't think people will have that fear anymore of putting their name on crypto as an industry when it comes to advertising.
Ty Smith9:50
So, I think we'll see tons of like mainstream brands, celebrity partnerships. And I think we'll see a lot of out-of-home stuff also. The out-of-home advertising networks have also been relatively conservative with allowing crypto advertising. We, as an agency, work a lot with like Times Square and Outfront Media and a bunch of other media conglomerates that do out-of-home advertising. They basically seem like all systems go. And I think this is like this is the green light for crypto marketing. Like, you see that, right? Like, like there is no coming back from this. Crypto is here to stay. And this this whole moment, this whole crypto Super Bowl was that moment. I'm incredibly excited. Hopefully, you guys are as well. I mean, me as a crypto marketing agency owner, like this is obviously, you know, massively bullish news for crypto as a whole as well as marketers in the industry. So, I'm excited. If you are interested in crypto marketing and just kind of sharing what I learn in the process of managing the largest crypto marketing agency, please be sure to subscribe on YouTube and follow our podcast on Spotify, Google, iTunes, everywhere. Catch you on the next one.
