Watch Super Bowl LVII commercials 1:19
(CNN) --
Super Bowl LVI was the coming-out party for the world of cryptocurrency.
Fashion companies made bold launches last year and shelled out millions of dollars on ads encouraging viewers not to be afraid of this new digital investment, and for God's sake, don't miss out on this exciting opportunity!
You can expect a lot less noise from “Team Crypto” during Super Bowl LVII next Sunday.
In the year since those celebrity-studded ads debuted, the entire crypto industry has been rocked by a collapse in digital asset values.
Bankruptcies began to pile up over the summer.}
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And then the real suffering began.
Of the four crypto companies or crypto affiliates that advertised at the Super Bowl last year, one (FTX) completely collapsed.
The others (Coinbase, Crypto.com, and eToro) have battled against sector headwinds.
Shares of Coinbase, the only publicly traded company in the group, have fallen more than 60% since its “floating QR code” ad became one of the most talked about ads.
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Don't expect any of those companies to return this year.
FTX is bankrupt and under criminal investigation by federal prosecutors.
Etoro, a multi-asset trading platform, confirmed to CNN that it would not splurge on an ad this year, saying that while it continues to invest heavily in marketing, "we move up or down specific channels based on many factors, including market conditions." ”.
Coinbase declined to comment.
Representatives for Crypto.com, the company behind the ad featuring LeBron James telling his younger self to "make up your own mind," did not respond to requests for comment.
But there will be at least one crypto-adjacent newcomer.
Limit Break, a blockchain-based game developer, has secured a spot and intends to give away 40,000 NFTs, or non-fungible tokens (also known as unique digital collectibles) to viewers who scan their QR code.
Limit Break, founded in 2021, said it has already raised $200 million and hopes to grow "a massive global audience."
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Cryptomarketing adapts
Despite what's being called a "crypto winter," sports advertising remains a crucial avenue for digital currency, marketing experts say, as its target demographics share a significant overlap: sports fans and merchants. of cryptocurrencies tend to be mostly male and young.
But the turmoil in the crypto space means marketers are changing their tactics.
“The tone has shifted towards Web3-driven fan engagement over crypto-specific advertising,” said Silvia Lacayo, head of marketing at cryptocurrency exchange Bitstamp US.
(Web3 refers to a future Internet framework that is decentralized and gives consumers more control over their own data.)
“Crypto companies focus less on crypto advertising and more on investing in better user experiences, products, and customer service,” Lacayo added.
Although we don't yet know the advertiser total for the Super Bowl, the usual suspects (beer, snacks, cars) are on deck as usual.
“The fact that crypto players are not going to be at the Super Bowl reflects the fact that that world has changed profoundly,” Calkins said.
"Last year was an exuberant time for cryptocurrencies... This year, everything is different."
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What a difference a year makes
A year ago, FTX got a private valuation of about $32 billion.
His Super Bowl ads featured Tom Brady and Gisele Bundchen.
Another FTX ad featured Larry David in a role that, a year later, seems prescient, with David sarcastically predicting that FTX won't make it.
In November, nine months after the ad's debut, FTX filed for bankruptcy.
Several former executives have been charged with wire fraud and conspiracy on allegations that FTX embezzled client funds.
“It's amazing how you can look back a year and realize we were in such a different place,” Calkins said.
"Last year we had a Super Bowl advertiser saying, 'take me to the moon,'" he said, referencing the music in eToro's ad, which many interpreted as a nod to the rallying cry of eToro stock traders. memes.
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But a year of higher inflation, the end of pandemic-era stimulus, and higher interest rates have held back financial markets—not just cryptocurrency, but traditional markets as well.
That change in mood is likely to show in the types of advertisers we see and their messaging.
“Our economy is in a weird place,” Calkins says.
"So if you're an advertiser, it's hard to tell, how do you play that?"
Super Bowl LVII