Crypto News / Cryptocurrency · November 4, 2022

Matt Damon’s TV Spot For Crypto.com Ages Poorly After Downturn In May

The crypto sector is no stranger to poor marketing campaigns. From crypto ads labeled as pump-and-dump schemes to collaborations with influencers who have no stake in the crypto industry, the market has seen it all.

However, one advertisement that stands out from the rest was by Crypto.com, which features renowned Hollywood actor Matt Damon. Since the ad launched in October 2021, many people have parodied the ad, which is titled ‘Fortune Favors the Brave.’

However, most of the people ridiculing the ad are using it as a way to criticize the crypto community and the celebrities who support it.

Various TV Shows Parody Matt Damon’s Crypto.com Ad

One example is that of South Park, which aired two episodes as well as a two-part special making fun of crypto investors and Matt Damon’s ad in particular.

After the downturn in May, various late-night TV hosts, such as Late Show host Stephen Colbert, joked about the ad with a parody.

When Matt Damon first appeared in the ad to promote the exchange, the reigning cryptocurrency Bitcoin was trading for over $60,000, while Ethereum was worth over $4,000.

Meanwhile, the global crypto market cap was about $2.6 trillion. All around, it was a good year for cryptocurrencies.

While some cryptocurrencies have been able to give investors a return on their investment to some extent, the prices for Bitcoin and Ethereum have fallen by over 60 percent since last year.

Currently, the top-ranking cryptocurrencies are trading for $20,627 and $1,552 respectively. It’s not clear how much Matt Damon received for the ad, but he did get donations for the Water.org charity worth around $1 million.

Celebrities Joining the Crypto Promotion Bandwagon

However, the interstellar actor wasn’t the only one promoting cryptocurrency-based companies or tokens. Hollywood actor Reese Witherspoon even collaborated with an NFT collection to create a TV series and feature films.

Not to mention, Kim Kardashian, mega influencer and reality TV star, promoted the EthereumMax token through her social media account, specifically her Instagram stories. This later led to charges by the SEC, which fined her $1.3 million.

Crypto.com Continues Marketing Activities Despite Downturn

But despite the current crypto bear market, the crypto.com exchange is continuing its marketing efforts. Moreover, Kris Marszalek, the CEO, even announced layoffs back in June.

In countries such as the UK, France, Cyprus, and Italy, Financial Regulatory Bodies have approved the exchange to provide cryptocurrency products and services to residents.

Additionally, Crypto.com continued with the renovation of the Los Angeles venue, the former Staples Center, after an agreement worth $700 million.

Although the exchange signed various sports sponsorship deals before the crypto market took a turn for the worse, crypto analysts predict that it will tone down the scale of these sponsorships.