Some 100 million Americans will watch the Super Bowl on Sunday. That means 200 million eyeballs on the 30 second spots that are going for as much as $7 million a pop, a record, according to NBC Universal. Among them are three cryptocurrency firms, Coinbase Global , Crypto.com and FTX. If history is any guide, that’s an ominous sign.
In 2000, roughly a dozen dotcom firms took out Super Bowl ads. About half went bankrupt within two years, including the iconic Pets.com nine months later. Those spots averaged $2.1 million, says Ad Age. Adjust for inflation, and that’s $3.5 million, or half the price some firms are paying this year.
The good news is that some of the crypto firms are on stronger footing. Coinbase might earn $1.7 billion this year, according to Refinitiv figures. But crypto, like the dotcom boom, is based on speculation. If there are any signs of overexuberanceRegister now for FREE unlimited access to Reuters.com
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