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FTX buys Super Bowl ad slot to promote cryptocurrencies

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FTX crypto derivatives exchange acquired advertising time during the broadcast of the final game for the title of the National Football League (NFL) championship (Super Bowl). Bloomberg writes about this.

Thus, the content of the advertisement and the amount of the transaction are not disclosed. Chief Executive Officer and founder of FTX Sam Bankman-Fried explained this step by a wide audience coverage. “There is no bigger, more mainstream event to share a message like that than the Super Bowl,” he said.

In addition, the game is scheduled for February 13 next year, at SoFi Stadium in Inglewood, California. Moreover, Super Bowl is the highest-rated program of the year on American television. About 96 million viewers watched the previous match.

Collaboration with David Ortiz

According to Bloomberg, in 2021, the cost of a 30-second advertisement during the broadcast was $5.5 million. For the upcoming game, NBC raised the price to $6.5 million.

On October 27, the exchange announced a collaboration with Major League Baseball (MLB) player David “Big Papi” Ortiz. As part of the agreement, he will also issue several collections of non-fungible tokens (NFT).

FTX signed a five-year contract with MLB in June. Prior to that, the company received the rights to the name of the arena of the National Basketball Association (NBA) club “Miami Heat”. Which was renamed FTX Arena until 2040.

The company’s market valuation has reached $25 billion

In June, the crypto derivatives exchange agreed with League of Legends game Team SoloMid (TSM) on its rebranding in the amount of $210 million. Later, FTX announced plans to create an NFT marketplace with a focus on sports and entertainment.

Recall that in October FTX closed a Series B-1 funding round for $420.69 million. The company’s market valuation has reached $25 billion.

69 investors took part in the fundraising, including Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners. As well as funds managed by the investment giant BlackRock.

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