{"id":3067,"date":"2022-02-16T17:00:00","date_gmt":"2022-02-16T16:00:00","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=3067"},"modified":"2022-02-16T11:53:48","modified_gmt":"2022-02-16T10:53:48","slug":"why-the-super-bowl-crypto-ads-worked","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2022\/02\/16\/why-the-super-bowl-crypto-ads-worked\/","title":{"rendered":"Why the Super Bowl&#8217;s Crypto Ads Worked"},"content":{"rendered":"\n<div>\n<p class=\"cyhZ9\">One day after the NFL Super Bowl, which some are now calling the <a href=\"https:\/\/www.nytimes.com\/2022\/02\/11\/business\/media\/super-bowl-commercials.html\">Crypto Bowl<\/a>, two of the big game\u2019s ads for cryptocurrency exchanges appear to be attracting the most chatter <a href=\"https:\/\/cointelegraph.com\/news\/super-bowl-2022-here-s-the-scoreboard-of-crypto-ads\">and praise<\/a>. Both were exceptionally creative.<\/p>\n<p class=\"cyhZ9\">First, Coinbase aired a 60-second Super Bowl ad featuring a mysterious QR code that bounced around the edges of viewers\u2019 screens just like a DVD logo from early 2000s, a visual that has since <a href=\"https:\/\/knowyourmeme.com\/memes\/bouncing-dvd-logo\">become a meme<\/a>. To find out who was behind the ad, viewers needed to point their phones at the screen. After arriving at the Coinbase website, visitors were offered $15 to get set up on the exchange.<\/p>\n<p><iframe class=\"_8ROkf lazyload\" title=\"twitter.com\/coinbase\/status\/1493016797687156738\" data-src=\"https:\/\/cms.qz.com\/embed-sandbox\/2127742\/twitter.com\/coinbase\/status\/1493016797687156738\" height=\"auto\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe><\/p>\n<p class=\"cyhZ9\">In the second popular ad, comedian Larry David, an unlikely spokesperson for anything crypto, appears in a series of sketches where he casts doubt on history-changing innovations throughout time. The wheel? \u201cIt\u2019s a miss,\u201d he says. A lightbulb? \u201cCan I be honest with you?\u201d he tells Thomas Edison. \u201cIt stinks.\u201d\u00a0 Trading crypto on the FTX exchange? \u201cI don\u2019t think so.\u201d<\/p>\n<p class=\"cyhZ9\">Leading up to the game, FTX had urged its followers on social media to be prepared for the ad. If they retweeted a message from the exchange\u2019s official account once it aired, <a href=\"https:\/\/twitter.com\/FTX_Official\/status\/1491788778926587911\/video\/1\">they would automatically<\/a> be entered in a bitcoin giveaway.<\/p>\n<h5>Also Read: <a href=\"https:\/\/ancstockinvestments.com\/blog\/2022\/02\/16\/kenya-is-considering-using-a-cbdc\/\" target=\"_blank\" rel=\"noopener noreferrer\">Kenya is Considering Using a CBDC<\/a><\/h5>\n<h2 class=\"et6CV\">The metrics that showed the crypto ads \u201cworked\u201d<\/h2>\n<p class=\"cyhZ9\">Objectively measuring the overall success of any advertisement is complicated, if not impossible. In these cases, however, the companies each collected at least one quantifiable metric\u2014QR code-enabled visits or retweets.<\/p>\n<p class=\"cyhZ9\">Enough people were curious enough to solve the QR code mystery that the traffic <a href=\"https:\/\/www.theverge.com\/2022\/2\/13\/22932397\/coinbases-qr-code-super-bowl-ad-app-crash\">crashed Coinbase\u2019s server<\/a>. Its failure to remain functional won the brand additional online <a href=\"https:\/\/twitter.com\/Snowden\/status\/1493044881534640131?s=20&amp;t=RIjqknigyjXSTjZDOPz5cg\">attention<\/a>.<\/p>\n<p class=\"cyhZ9\">The FTX sweepstakes message was retweeted nearly <a href=\"https:\/\/twitter.com\/FTX_Official\/status\/1493028625825869828?s=20&amp;t=RIjqknigyjXSTjZDOPz5cg\">180,000<\/a> times (perhaps that number would have been higher if the retweets did not automatically out people as lottery players eyeing a dubious prize). What\u2019s more, the <a href=\"https:\/\/www.youtube.com\/watch?v=BH5-rSxilxo\">extended cut<\/a> of the commercial already has more than one million views on YouTube.<\/p>\n<p class=\"cyhZ9\">In terms of the return on investment, there appears to be a clear winner between the two advertisers. Both companies could have spent up to a reported $14 million for their respective 60 seconds of airtime, but only FTX also had to shell out for 112 actors and 134 crew members to produce its commercial during a pandemic. According to <a href=\"https:\/\/www.nytimes.com\/2022\/02\/13\/business\/media\/larry-david-super-bowl-ftx-crypto.html\">the New York Times<\/a>, the covid protocols alone meant spending an extra $100,000 per day for the shoot.<\/p>\n<h2 class=\"et6CV\">What made some of the Super Bowl crypto ads so successful?<\/h2>\n<p class=\"cyhZ9\">Costs aside, both ads exemplified the hallmarks of successful advertising, as defined in a <a href=\"https:\/\/journals.sagepub.com\/doi\/full\/10.1177\/0022242920929288\">2020 meta-analysis<\/a> led by researchers at the Stockholm School of Economics. Their findings suggest that, contrary to popular understanding, being bracingly original is somewhat overrated.<\/p>\n<p class=\"cyhZ9\">Analyzing 93 data sets taken from 67 papers, the investigators found that consumers who rated ads as creative were actually looking for two traits: novelty and appropriateness, the latter of which might also be defined as meaningfulness or relevance. By contrast, advertising insiders and critics are more likely to give more weight to originality alone.<\/p>\n<p class=\"cyhZ9\">Indeed, neither crypto ad was particularly original. Coinbase\u2019s spot cleverly linked two newer pieces of technology\u2014the QR code and crypto\u2014to an existing meme, one that is itself animated by the comfort of nostalgia, a theme at <a href=\"https:\/\/www.nbcnews.com\/pop-culture\/pop-culture-news\/super-bowl-halftime-show-tapped-millennial-nostalgia-rcna15927\">this year\u2019s game<\/a>. (Granted, it was a novel idea to air such a minimalist ad in an event known for extravagance.) Meanwhile, the FTX ad compared the relatively new invention of crypto to great moments in history, hardly a fresh conceit.<\/p>\n<p class=\"cyhZ9\">However, both ads satisfy the consumer\u2019s search for appropriateness. That is, unlike the surreal <a href=\"https:\/\/www.youtube.com\/watch?v=7O4rP3qwlfo\">Super Bowl ad by eToro<\/a>, which was original but confusing, consumers understood what Coinbase and FTX were saying about their respective brands and products. Coinbase was essentially signaling, \u201cNo mystery here. Trading is easy.\u201d By suggesting that owning crypto would one day be commonplace, FTX <a href=\"https:\/\/qz.com\/2127568\/the-super-bowls-crypto-ads-were-all-about-fomo\/\">instilled a sense of FOMO<\/a>. (Plus, by hiring a famously cranky spokesperson to turn down its product, <a href=\"https:\/\/www.nytimes.com\/2022\/02\/13\/business\/media\/larry-david-super-bowl-ftx-crypto.html\">it displayed a sophisticated<\/a> understanding of <a href=\"https:\/\/www.theguardian.com\/culture\/2022\/feb\/14\/super-bowl-crypto-ads-are-as-predatory-as-celebs-hawking-cigarettes\">consumers\u2019 mixed feelings<\/a> about crypto culture and its place in the world.)<\/p>\n<p class=\"cyhZ9\">Fortunately for both companies, the Swedish study also found that advertising is slightly more effective at promoting less familiar brands.<\/p>\n<p class=\"cyhZ9\">What\u2019s more, the research suggests that ads are most successful not when they cut through noise and catch your attention; rather, the study argues that \u201ccreativity is more likely to work in situations where more focused ad processing occurs.\u201d Like, when you\u2019re watching the year\u2019s biggest football game partially <em>because<\/em> of the ads.<\/p>\n<\/div>\n<p><script async=\"\" src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n\n<p><a href=\"https:\/\/qz.com\/2127742\/why-the-super-bowls-crypto-ads-worked\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One day after the NFL Super Bowl, two of the big game\u2019s ads for cryptocurrency exchanges appear to be attracting the most chatter and praise.<\/p>\n","protected":false},"author":5,"featured_media":3068,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3,10],"tags":[413,30,412,411],"series":[],"ppma_author":[533],"class_list":["post-3067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-investments","category-stock","tag-crypto-ads","tag-cryptocurrency","tag-nfl","tag-super-bowl"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why the Super Bowl&#039;s Crypto Ads Worked - ANC Blog<\/title>\n<meta name=\"description\" content=\"One day after the NFL Super Bowl, two of the big game\u2019s ads for cryptocurrency exchanges appear to be attracting the most chatter and praise.\" \/>\n<meta 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