Friday, April 19, 2024

Crypto.com’s Exchange Volume Dropped 91% A Year Since Matt Damon Commercial.

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).

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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