Coinbase splurged some big bucks at the Super Bowl 2022 to show an advert that consisted of a QR Code bouncy around the screen.
The cryptocurrency firm’s ad was exactly what American advertising executive Leo Burnett would look for. His words, “Make it simple. Make it memorable. Make it inviting to look at,” fit the commercial the company aired at the game.
At nearly $14 million for 60 secs, Coinbase took a big risk, which paid of, and how! It generated so much traffic that the app crashed within minutes and the company had to put a message asking people to stay patient while they fix the issue.
The QR Code and the Ensuing Storm
The bouncy QR code would change color whenever it hit the side of the screen.
The ad drew admiration and criticism in equal parts. Twitter was abuzz with users sharing their experiences. While some poked fun at the crypto company’s lack of preparedness, others made light of their attempt to scan the code.
One user who goes by the name of nasarcasm wrote “Hi, it’s me, member of a supposedly evolved species who spent 30 seconds chasing the CoinBase QR code around the screen with his phone camera like a cat watching a goldfish swimming in a bowl.”
The lucky ones who managed to scan the elusive QR code were taken to the website which was offering approximately $15 worth of free Bitcoin for new users and other promotional offers.
The commercial was part of its “Less talk, more Bitcoin” campaign.
Within one minute of its airing, the site reported nearly 20 million hits on its landing pages.
After the Coinbase app crashed, Chief Product Officer Surojit Chatterjee informed users about it via Twitter by saying, “Coinbase just saw more traffic than we’ve ever encountered, but our teams pulled together and only had to throttle traffic for a few minutes. We are now back and ready for you at http://drops.coinbase.com. Humbled to have been witness to this.”
Those who tried to access the app while it was down were greeted with a message that informed them about the situation and a promise that the company will email them once things are up and running.
Coinbase’s Super Bowl appearance, albeit brief and minimalist, managed to leave a lasting impression on the viewers. It successfully tapped into people’s inherent curiosity, and also generated an entire collection of memes which made it a trending topic for the next couple of days.
The Rise of Coinbase
Coinbase is a cryptocurrency exchange platform founded by Brian Armstrong and Fred Ehrsam in 2012.
The cyrpto firm was recently in the news after Airbnb CEO Brian Chesky mentioned that the online vacation marketplace would consider crypto payments in the future. It is no secret that Chesky is friendly with Coinbase CEO Brian Armstrong, who was earlier an Airbnb employee.
The company went public in April 2021 and listed on Nasdaq.
However, despite the hoopla surrounding its Super Bowl ad, Coinbase share price has declined by almost 30% year-on-year.
Experts mention that 2022 does not look like a good year for crypto, where the market is cyclical. Crypto is also known for being extremely volatile.
Crypto enthusiasts see this is a good sign and believe that it is the right time to invest.
Cryptocurrency companies brought out the big guns for the Super Bowl on Sunday. Other than Coinbase, FTX, Bitbuy, and eToro too showcased commercials in an attempt to woo customers.
Some commercials urged customers to be brave and some resorted to humor while playing on people’s fear-of-missing-out.
Despite the numerous misgivings and less-than-optimistic outlook, one thing is undeniable-cryptos continue to gain traction and are here to stay.