A year since Hollywood celebrity Matt Damon’s Crypto.com commercial, the firm saw normalized exchange volume decline by 91%, from $4 billion to $380 million. The advertisement is not to be blamed. It can be said that Crypto.com roping in an A-list celebrity didn’t do the “magic” it expected.
And there is the ongoing bear market; the year 2022 put the crypto market in a deep slumber. However, analysts say that even before the markets took the big tumble, the reception of Crypto.com’s Matt Damon ad was lukewarm. The tagline “Fortune Favors the Brave” didn’t take the market by storm. In fact, the Good Will Hunting actor got mercilessly dragged again for his gig as the face of Crypto.com in a new round of online jeering. Damon, like Kim Kardashian, Larry David, and DJ Khaled among others, is in the line of celebs who have touted cryptocurrencies. Crypto.com’s Dam ad takes you on a historical journey of brave men and women who have a difference in the world inspiring people to “be their bravest selves”. The ad ran during NBC’s Super Bowl LVI telecast. It was directed by Wally Pfister.
Moreover, Crypto.com took a “leap of crypto” by attaining naming rights to L.A’s Staples Center which is now called “Crypto.com Arena”, under a 20-year contract. After investing millions in ads and naming rights, the crypto firm couldn’t stand up to the crypto winter and had to let go of employees via multiple rounds of layoffs. Furthermore, it canceled a $495 million sponsorship deal with the European Champions League (EUFA).
