For those planning to watch the Super Bowl on Sunday, if only for the ads, don't expect to see any cryptocurrency ads. During last year's game, these types of announcements were so common, featuring LeBron James, Tom Brady and Larry David, that it was dubbed the "Crypto Bowl." On Monday, Fox announced that the show will be without crypto ads. Last November, the cryptoverse came close to crashing after the crash of FTX and similar companies. Its Ponzi-like demise left a dust cloud of mistrust across digital assets.
Advertising silence may be welcome. The industry is using 2023 as a time to reflect and rebuild, learning what exactly trust entails for moat-like and internet-only currencies. As Sandra Ro, executive director of the Global Blockchain Business Council, advised remaining crypto leaders on news site CoinDesk: โRegroup with humility, rebuild with integrity, rebuild trust, rise again.โ
The era of virtual and decentralized finance was built on the promise of transparency, or the idea that blockchain technology could replace trust in the integrity of humans. However, it was the opacity and secrecy of companies like FTX that led to their downfall.
