Whichever Latin proverb you like, one year after debuting its Matt Damon commercial, Crypto.com's exchange volume doesn't seem to be especially daring, bold, or strong.
According to CoinGecko, the normalized exchange volume on Crypto.com has decreased by 91% over the past year, from $4 billion to $380 million each day on a 7-day average. This is not to argue that the advertisement is to blame for the decline, but the company's attempt to promote growth by enlisting an A-list celebrity doesn't seem to have had much of an impact.
There is also the issue of the bear market, which has led to the loss of two-thirds of the market capitalization of crypto marketplaces as compared to a year earlier. But even before the markets experienced their severe decline, the response to Crypto.com's Matt Damon advertisement was, at best, muted.
The commercial compared cryptocurrency investors to mountain climbers, astronauts, and the Wright Brothers. Crypto.com paid $700 million for the name rights of the Los Angeles arena formerly known as the Staples Center shortly after it was released, in November.
The marketing initiatives seemed to have boosted the exchange at the time. The Damon advertisement circulated for a long in the crypto community, and by January of this year, it had begun to reach people outside the community.
The responses weren't favorable. Even a South Park episode featuring a pee-drinking imitation poked fun at the advertisement.
Not merely trade volume has been negatively impacted.
