Since the bitcoin crisis began in November 2021, the crypto ad spending bonanza has abruptly ceased.
Last year, every major cryptocurrency exchange advertised with some of the world’s top sports banners, including Formula One and the Indian Premier League.
According to reports, Indian crypto exchanges spent more than Rs 50 crore on advertisements during the ICC T20 World Cup in 2021.
But now, one of the reasons you aren’t seeing a lot of crypto commercials online or on TV is because the troubled crypto market is having its worst days.
The tightly-knit fence surrounding cryptocurrency has investors divided on whether to participate in such volatile assets or wait for the dust to settle.
However, many crypto analysts and experts anticipate that cryptocurrency will recover and return to its former glory through sports.
Due to the present market environment, crypto exchanges throughout the world, including Indian exchanges like CoinSwitch Kuber and CoinDCX, have been compelled to rework their annual expenditure budgets.
This crypto hush phase will remain till the market returns to better pastures and crypto’s wild volatility is under control.
Not only that, but the crypto sector will require more clarity on the regulation of virtual digital assets in order to put advertisers and investors at ease.
It is almost certain that cryptocurrency will become an important element of the sports ecosystem in the future.
From crest branding to stadium renaming, crypto is making headway into knowing how to effectively harness the prominence that the sports industry gives.
The future of technology is still undetermined in terms of how crypto will shape it.
The fact that many analysts and billionaires like Warren Buffet aren’t big fans of crypto still instils doubts about whether people would want to invest in this space.
However, crypto exchanges and platforms, like any other business, will rely on athletic events and athletes to endorse their brands in the future.
Crypto, even at its worst, isn’t pushing daisies. It’s not even close.
If history has taught us anything, it is that money has the power to persuade, and if things improve, today’s IPLs and EPLs may operate on cryptocurrency money tomorrow.