As the cryptocurrency business has been in a bad patch over the last several weeks, its advertising has also seen considerable decreases, with advertisements starring prominent celebrities vanishing from television screens.
Indeed, the crypto advertisements featuring actor Matt Damon, Tampa Bay Buccaneers quarterback Tom Brady, and professional basketball player LeBron James have gone from American television, according to a report by Amina Niasse of Bloomberg on August 17.
The report emphasized that Matt Damon’s renowned Crypto.com advertisement aired for the last time months ago, during the Super Bowl in February, after an estimated $65 million was spent on the four-month campaign, which was significantly more than others in investment services during the same time frame.
In mid-June, investors who poured money into Bitcoin (BTC) in response to Crypto.com’s “Fortune favors the brave!” promotion suffered enormous losses, as $1,000 worth of BTC acquired after the advertisement aired was worth just $375.
The failure garnered Damon mockery from South Park and Stephen Colbert’s The Late Show for pushing cryptocurrencies when the price of the leading digital asset fell more than 60 percent of its value.
According to data conducted by the TV-ad measuring firm ISpot.tv Inc., the unexpected removal of these advertising has corresponded with the market-wide decline from which the majority of cryptocurrencies are currently attempting to recover.
Notably, advertising expenditures by the top cryptocurrency platforms, including Crypto.com, Coinbase, and FTX, fell to $36,000 in July, the lowest monthly total since January 2021. Compared to the Super Bowl frenzy in February, when expenditure exceeded $84.5 million, this marks a staggering 99.96% reduction.
Late in June, it was reported that total expenditure by prominent cryptocurrency businesses had decreased by more than 90 percent, hurting both digital and television advertisements, as leading crypto firms reduced their marketing spending in response to the crypto market crash.