Cryptocurrency marketing has collapsed since last November, according to data provided by analytics firm Sensor Tower, according to The Wall Street Journal. To date, advertising spending has fallen by 90%, and the industry is feeling out of place amid the ongoing market crash. So, in May of this year, the Gemini Trust spent less than $500,000 on advertising compared to $3.8 million in November.
Following the recent significant downturn in the digital asset market, American actor Matt Damon was ridiculed for his viral "Fortune Favors the Bold" ad, which was released in 2021 as crypto prices on exchanges were approaching their all-time highs. Last week, Twitter users felt that those who followed Damon's untimely advice ended up losing most of their investment.
After actor Larry David caused a stir with his ad for the FTX crypto exchange that aired during the Super Bowl this February, his rep admitted that the HBO sitcom Curb Your Enthusiasm star knew nothing about cryptocurrencies when he filmed the commercial. Other celebrities, such as Kim Kardashian and Steph Curry, are also suspiciously silent about the fall of the cryptocurrency market.
Analyst Dennis Yeh argues that the drop in macroeconomic confidence has led to a significant decline in engagement. Meanwhile, the largest crypto companies are in the process of significantly reducing their workforce.
So, last week, Coinbase unexpectedly fired 1,100 of its employees. However, Coinbase managed to counter the trend of declining marketing costs in the crypto industry by spending $2.7 million last month on TV ads mocking opponents of digital assets.