This year’s National Football League (NFL) Super Bowl will not feature any crypto commercials. While this may seem like a disappointment, it is actually a good thing. After a year of spectacular failures of trust, ethics and corporate responsibility in the crypto world, as well as market crashes, it is best to take a step back and focus on rebuilding trust and confidence in the industry. Crypto commercials during the Super Bowl would have been a distraction from the real work that needs to be done. It is important to focus on rebuilding trust and confidence in the crypto world, and not on flashy commercials.
Sportswashing is a term used to describe how groups, corporations or nation-states use the global popularity of sports to improve their reputations. Examples include Qatar hosting the 2022 FIFA World Cup, Qatar’s emir owning Paris Saint-Germain, Russia hosting the 2018 FIFA World Cup and 2014 Winter Olympics, and China hosting the 2008 Summer Olympics and 2022 Winter Olympics. With bitcoin’s price less than half what it was a year ago, any crypto company even substantially in the green is preoccupied with surviving and big, flashy marketing spends and sportswashing have been put on hold.
Crypto companies have been using glitzy spectacles, such as Super Bowl commercials, to shine a favorable light on themselves and mask any unfavorable realities. While these companies may not be hiding human rights atrocities, as was revealed since the last Super Bowl, many of them have been hiding something not great. This highlights the importance of doing research and being aware of the potential risks associated with investing in crypto companies. It is important to be aware of the potential risks and to do your due diligence before investing in any crypto company.
Crypto companies have often used high-profile sports sponsorships to boost their profile and gain favor. However, with the pandemic causing a halt to sports, these companies will have to find other ways to gain ground in 2021. This means that crypto companies will be evaluated more fairly, without the benefit of borrowed glory from sports sponsorships. While it is unlikely that the next FTX won’t use sports to garner favor, at least for this year, crypto companies will have to rely on other methods to gain ground.
The crypto industry is no different when it comes to the hubris of its executive class. While flashy advertisement spots like the Super Bowl may be a sign of success, it is also a sign of ambition and ego. The crypto industry is no stranger to this, as executives strive to be seen and recognized for their accomplishments. However, it is important to remember that success in the crypto industry is not just about being seen, but also about making smart investments and decisions. By avoiding the hubris of the executive class and focusing on making sound decisions, crypto investors can ensure that their investments are successful.
Crypto executives may have an inflated sense of their own importance, wanting to be associated with the most recognizable brands in the world. This hubris can be seen in their desire to be invited to the tables of the rich and powerful, despite the still-not-quite-mainstream acceptance of the industry as a whole. Last year, crypto companies were flush with money, expanding and hiring quickly, and this may have given them a false sense of belonging. Ultimately, it is important to remember that the crypto industry is still in its infancy and that it is important to remain humble and realistic about the potential of the industry.
Sam Bankman-Fried, CEO of FTX, is a prominent figure in the crypto industry. He has appeared on a stage in The Bahamas with President Bill Clinton, testified in front of Congress in defense of the crypto industry, and done a parade of TV interviews, including one the day after the Super Bowl on CoinDesk TV’s The Hash. He has also donated influential levels of money to political campaigns. His success and influence in the crypto industry is a testament to his hard work and dedication. He is an inspiration to those looking to make a difference in the crypto space.
Cryptocurrency companies have had a tumultuous year, with many of them facing fraud allegations and a lack of trust from the public. Despite this, many of these companies are still trying to make their mark in the industry. However, it is important to note that these companies cannot rely on a big event such as the Super Bowl to boost their reputation and gain trust from the public. Instead, they must earn it through hard work and dedication. Crypto companies must focus on building a strong foundation based on trust and reliability if they want to succeed in the long run.
