Super Bowl and Crypto: From FTX to Coinbase’s Return, the History of Web3 Ads

The Super Bowl: Showcase for Technological Revolutions

Every year, the Super Bowl represents far more than just an American football final. With over 120 million viewers in the United States and hundreds of millions worldwide, it’s the most-watched advertising event on the planet. For brands, it’s an opportunity to make a lasting impression – and to open their wallets wide.

In 2026, the average price for a 30-second Super Bowl LX ad reached $8 million. Some companies even paid up to $10 million for this premium slot. For comparison, during the first Super Bowl in 1967, a 30-second ad cost just $37,500 – about $350,000 in today’s dollars.

This spectacular inflation reflects the strategic importance of this advertising space for emerging brands. Tech companies have understood this well: the Super Bowl has become their go-to showcase for establishing legitimacy with the American public. In 2022, it was crypto players. In 2026, it’s the artificial intelligence giants.

The “Crypto Bowl” of 2022: The Peak Before the Fall

Super Bowl LVI, aired on February 13, 2022, will go down in history as the “Crypto Bowl.” Never before had the cryptocurrency industry invested so much in a single advertising event. Four major exchange platforms competed for viewer attention, with a total investment estimated at over $50 million.

Coinbase and the Viral QR Code

The Coinbase ad has become a legend in digital marketing. For 60 seconds, viewers saw just one thing: a simple colored QR code bouncing on a black background, in an obvious homage to the iconic DVD logo from the 2000s.

The result exceeded all expectations. In less than a minute after airing, over 20 million people scanned the code and tried to access Coinbase’s site. The traffic was so intense that the servers crashed, making the platform temporarily inaccessible. A bug that ultimately turned into additional publicity.

This minimalist campaign won the Super Clio Award for creative excellence. It proved that you could capture the attention of millions without celebrities, without special effects, just with a bold idea and perfect timing.

FTX and Larry David: “Don’t be like Larry”

The FTX ad featured Larry David, the creator and star of “Curb Your Enthusiasm,” in a series of historical sketches. He was shown rejecting the wheel, toilets, coffee, the light bulb, the Declaration of Independence, and the Walkman – each time with his legendary skepticism.

The final message was clear: “Don’t be like Larry. Don’t miss out on the next big thing.” FTX presented itself as that unmissable revolution.

The irony of this ad would become tragically evident less than a year later. In hindsight, the campaign has become a textbook case of what not to do – and Larry David himself has publicly regretted his participation.

Crypto.com and Matt Damon: “Fortune Favors the Brave”

Crypto.com bet on a cinematic approach with Matt Damon. Directed by Wally Pfister (Christopher Nolan’s cinematographer), the “Fortune Favors the Brave” ad presented great human explorations – from early navigators to astronauts – to conclude that crypto investing represented the new frontier of courage.

The tagline went viral, but not always for the right reasons. When the crypto market collapsed a few months later, the ad was widely mocked. South Park dedicated an entire episode to it, ridiculing the association between “courage” and speculative investing.

Matt Damon later explained he had accepted this ad to fund his charity Water.org – a justification that didn’t convince all his critics.

eToro: “Flying Your Way”

Israeli platform eToro also made its Super Bowl debut with “Flying Your Way.” The ad showed users floating in the sky, united by the platform’s social investing community, set to Grace Potter’s cover of “Fly Me to the Moon.”

The message highlighted the concept of “social investing” – the idea that retail investors could help each other and share their strategies.

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The Fall: From November 2022 to Radio Silence

On November 11, 2022, less than nine months after the Crypto Bowl, FTX filed for bankruptcy. The collapse of one of the largest cryptocurrency exchanges would reveal one of the greatest financial frauds in modern history.

Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried, the founder of FTX and omnipresent face of the crypto sector in 2021-2022, was found guilty on seven counts including fraud, conspiracy, and money laundering. In March 2024, he was sentenced to 25 years in prison and ordered to forfeit $11 billion.

The case revealed that customer funds had been diverted to finance the executives’ lavish lifestyle, risky investments through Alameda Research, and… massive marketing expenses, including that famous Super Bowl ad with Larry David.

Larry David: “Like an idiot, I did it”

In February 2024, Larry David reflected on his participation in this now-iconic ad of crypto hubris. “Like an idiot, I did it,” he declared, acknowledging the irony of having promoted a company that would become synonymous with financial fraud.

His confession went viral, definitively transforming the FTX ad into the absolute counterexample for the marketing industry.

2023-2024-2025: Crypto Deserts the Super Bowl

Subsequent Super Bowls were marked by the near-total absence of crypto brands. The industry, traumatized by the FTX affair and plunged into an extended bear market, preferred discretion.

Several factors explain this disappearance:

• The FTX trauma: no brand wanted to be associated with the disastrous image left by the fraud
• The bear market: Bitcoin‘s price dropped from $69,000 in November 2021 to under $16,000 by late 2022
• Reduced marketing budgets: massive layoffs in the sector hit marketing teams
• Increased regulatory pressure: the SEC and other regulators intensified their oversight

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Super Bowl 2026: Coinbase’s Timid Return

Four years after its viral QR code, Coinbase returned to Super Bowl LX – but this time, solo. The platform was the only crypto brand to buy advertising space during the game pitting the Seattle Seahawks against the New England Patriots.

The Backstreet Boys Karaoke Ad

True to its minimalist approach, Coinbase opted for a karaoke-style ad. For 30 seconds, viewers saw the lyrics to “Everybody (Backstreet’s Back),” the Backstreet Boys’ 1997 hit, scroll across a retro karaoke screen with basic graphics.

The first words on screen were symbolic: “Oh my god, we’re back again.” An acknowledged nod to Coinbase’s return after years of absence.

The ad was also displayed at Times Square and on the Vegas Sphere, amplifying its visibility beyond just the game.

Cat Ferdon and the “Anti-Polish” Approach

Cat Ferdon, Coinbase’s Chief Marketing Officer, explained the philosophy behind this deliberately lo-fi campaign: “We wanted to avoid that more polished feeling that most Super Bowl ads typically have.”

This “anti-polish” approach aims to create contrast with other advertisers’ ultra-slick productions, exactly like the bouncing QR code of 2022. The goal is to capture attention through difference, not special effects.

Highly Divided Opinions

Reception of the ad was polarized. Some analysts from Kellogg School of Management rated it poorly, finding the concept too simple and unmemorable. Others, particularly in the creative industry, praised its boldness and originality.

What’s certain is that Coinbase managed to generate buzz without spending as much as its tech sector competitors – an advertising ROI that many envy.

Kalshi and Prediction Markets: The NFL Ban

One player could have represented the crypto/Web3 sector at Super Bowl 2026: Kalshi, the prediction markets platform regulated by the CFTC. But the NFL decided otherwise.

NFL Bans Prediction Market Ads

The American football league explicitly banned ads from prediction market platforms like Kalshi, Polymarket, and PredictIt during the Super Bowl. Reasons cited: “legal gray areas” and concerns about competition integrity.

This decision continues an interdiction applied throughout the 2025-2026 season. Prediction markets allow betting on real-world events (elections, economy, sports), placing them in a regulatory gray zone between gambling and financial markets.

An Irony: Betting on the Ads Themselves

While the NFL closed the door to advertising, Kalshi and Polymarket were offering users the chance to… bet on the Super Bowl ads themselves. Which brand would be most mentioned on social media? Which ad would win popularity polls?

This meta approach illustrates the innovative – and sometimes provocative – nature of these platforms.

Technical Problems at the Wrong Time

Kalshi experienced technical difficulties during the Super Bowl, with an unstable platform right when activity was most intense. A setback reminiscent of Coinbase’s 2022 crash – except this time, it wasn’t a good sign.

2026: The Year of AI Ads

While crypto was notably absent from Super Bowl 2026, another tech sector took its place: artificial intelligence.

Nearly 25% of Ads Mentioned AI

According to analytics firm iSpot, 23% of ads aired during Super Bowl LX mentioned artificial intelligence in some way. An unprecedented figure that reflects the new tech “hype” that has replaced crypto’s.

The Anthropic vs OpenAI Battle

The evening’s most discussed duel pitted two AI giants: Anthropic (creator of Claude) and OpenAI (creator of ChatGPT).

Anthropic launched a campaign openly mocking OpenAI’s plans to introduce advertising into ChatGPT. The tagline was cutting: “Ads are coming to AI. But not to Claude.”

The version aired during the game was slightly softened: “There is a time and place for ads. Your conversations with AI should not be one of them.”

This attack particularly irritated Sam Altman, OpenAI’s CEO, who responded publicly on social media.

Tech Giants Mobilized

Beyond this joust, the biggest tech companies were present:

• OpenAI: promoting Codex, its code generation tool
• Google: showcasing Gemini, its AI model
• Meta: new AI features for its platforms
• Amazon: AI integration in its services
• Salesforce: with MrBeast as ambassador

Smaller players like Genspark and Wix also used the event to introduce themselves to the general public.

Svedka and Controversial Generative AI

Vodka brand Svedka made a bold choice by airing an ad entirely generated by AI. A decision that divided opinions, with some seeing the future of advertising creation, others a threat to creative jobs.

Analysis: Why Did Crypto Disappear from the Super Bowl?

The shift from crypto dominance in 2022 to near-absence in 2026 can be explained by a combination of factors.

The FTX Trauma

FTX’s collapse left deep scars on the industry. Beyond financial losses (estimated at $8 billion for customers), it was public trust that was shaken. Crypto brands today prefer a more discreet marketing approach to avoid being associated with this scandal.

The Prolonged Bear Market

Between late 2021 and late 2022, the total crypto market capitalization dropped by nearly $2 trillion. This lean period forced companies to drastically reduce their marketing budgets.

Stricter Regulation

The SEC intensified sector oversight after the FTX affair. Gary Gensler, then SEC chair, multiplied lawsuits against exchanges and crypto projects. In this context, investing millions in a mass-market ad carried additional regulatory risks.

A Rethought Marketing Strategy

Crypto brands learned from their mistakes. Rather than $10 million campaigns, they now prefer more targeted approaches: sports team sponsorships, influencer partnerships, user education.

AI Has Taken Over

Timing is crucial in marketing. In 2022, crypto was the technological “new frontier” everyone wanted to understand. In 2026, AI occupies that place. Advertising budgets have followed this attention migration.

Outlook: Will Crypto Return to the Super Bowl?

Could Coinbase’s solo return to Super Bowl 2026 herald a renaissance of crypto presence in major advertising events?

Bitcoin ETFs Are Game-Changers

The SEC’s approval of spot Bitcoin ETFs in January 2024 marked a turning point for the industry. Giants like BlackRock, Fidelity, and Invesco now offer regulated Bitcoin investment products accessible to traditional investors.

These institutional players could be the next to appear at the Super Bowl – not to sell “crypto,” but to promote financial products incorporating Bitcoin.

Institutional Adoption Continues

Despite scandals, institutional Bitcoin adoption continues. Strategy (formerly MicroStrategy) keeps accumulating bitcoins. ETFs attract billions in inflows. Even traditional banks now offer crypto services to their clients.

This institutionalization could restore sector legitimacy and justify mass-market advertising investments.

Coinbase Shows the Way

By returning to the Super Bowl solo, Coinbase proved a crypto brand could appear on the world’s biggest advertising stage without being associated with past scandals. Its offbeat, low-cost approach offers a model others could follow.

Crypto may not have said its last word at the Super Bowl. But its return will likely be more measured, more institutional, and less spectacular than the 2022 “Crypto Bowl.”