FTX Crypto Jumps Into Spotlight Thanks to Larry David Super Bowl Crypto Ad

Comedian Larry David has broken the internet.

A close-up shot of Larry David standing behind a podium.
Source: s_bukley / Shutterstock.com

The Seinfeld co-creator and star of HBO’s Curb Your Enthusiasm starred in a hilarious Super Bowl advertisement for cryptocurrency exchange FTX that has generated a lot of buzz and attention, not just for FTX, but the broader crypto industry.

In fact, there were so many crypto ads during last night’s Super Bowl that some commentators have dubbed it the “Crypto Bowl.”

What Happened With the Larry David Super Bowl Crypto Ad?

The FTX ad that is generating a lot of buzz this morning, stars Larry David as a skeptic who mocks humanity’s greatest innovations. In the ad, he says that the wheel is “a miss” and tells Thomas Edison that the light bulb “stinks.” He even tries to tear up the Declaration of Independence while hollering about the ridiculousness of democracy.

The commercial ends with Larry David rejecting FTX’s crypto platform. Then comes a warning: “Don’t be like Larry. Don’t miss out on the next big thing.”

The ad is trending on social media this morning, with people declaring it the best ad of the 2022 Super Bowl telecast and one of the best Super Bowl ads of all time. A 30-second advertisement during this year’s Super Bowl sold for as much as $7.1 million, according to NBC, which broadcast the game.

Why It Matters

The FTX advertisement was one of several crypto promotions aired during the Super Bowl. Another ad by Coinbase (NASDAQ:COIN) that featured a single QR code bouncing across the screen proved so popular that the company’s app crashed moments after the ad aired. There were many ads featuring cryptocurrencies and exchanges aired during the game that was expected to attract nearly 120 million viewers.

Cryptocurrencies are increasingly turning to sporting events to advertise and grow awareness. In many cases, cryptocurrency companies are enlisting high-profile athletes to market their products. Legendary quarterback Tom Brady holds an equity stake in the FTX exchange and has starred in a series of ads to promote the company, along with his wife, the super model Gisele Bundchen.

While FTX is not publicly traded, the company’s successful ad starring Larry David is further proof of the growing mainstream appeal and acceptance of digital coins and tokens. Its native FTX Token (FTT-USD) is experiencing a 40% spike in trading volume over the last 24 hours.

What’s Next

Cryptocurrency prices have been under pressure since last November, with the price of Bitcoin (BTC-USD) down about 35% in the last few months to about $42,000 today. It will be interesting to see if the Super Bowl ads help to lift the prices of various cryptocurrencies in the short term. In the long term, the FTX ad and others will likely further raise awareness of the digital coins and tokens among a global audience.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/02/ftx-crypto-jumps-into-spotlight-thanks-to-larry-david-super-bowl-crypto-ad/.

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