Fortune favors the brand: Why crypto marketing fails to live up to hype
As we appear to be entering a new phase in crypto’s notorious market cycles, excitement is once again growing at the prospect of rising investment and deeper liquidity. However, in order for the market to come back stronger, lessons must be learned from what happened before. The collapses of 2022 continue to be analyzed by TV stations, newspapers, magazines, blogs and social media. But among the extensive analyses, one key lesson has been missed.
Crypto has a branding problem
As is good practice in growing businesses, FTX spent 15% of its revenue on marketing and advertising, which included a cool $375 million on multi-year sport sponsoring contracts, including several stadium and co-branding naming rights.