Coinbase’s Backstreet Boys-inspired Super Bowl ad divides viewers

Genius or rugpull? That seems to summarize the split reactions to one of the most-talked-about advertisements from the Super Bowl.

Coinbase aired what amounted to a 60-second karaoke sing-along to “Everybody (Backstreet’s Back),” the hit song from the Backstreet Boys. The 1997 song’s lyrics were displayed across a bright blue backdrop on the screen, with its final two frames ending with the words “Coinbase” followed by “Crypto. For Everbody.”

The spot brought back memories of Coinbase’s commercial during the Super Bowl in 2022 that prompted viewers to scan a mysterious floating QR code. “This year’s ad once again draws viewers in to be part of a greater movement, leveraging the perennial appeal of karaoke in creating special shared moments and forging community connection,” the crypto exchange said Monday in a press release.

“Bold, engaging, and unapologetically Coinbase,” Emilie Choi, Coinbase president and COO, said on X. “This is how we cut through and make new people aware of the opportunity of crypto.”

As is the case with most Super Bowl commercials, however, Coinbase’s latest spot was met with a mix of adoration and derision.

“This is why the Coinbase ad was genius,” crypto marketing exec Sam Jenks wrote in a post on X. “It will be remembered, had normies singing and dancing along! Controversial enough to split opinion & get the entire TL talking about it Whilst also being fun & innocent.”

In a video shared by Jenks, a group of women can be seen singing along to the song, then giggling once the Coinbase name was revealed. In a different video, amid a similar group of game day watchers, one man was seen flipping the middle finger at the reveal.

“the way the entire room burst into groans and shouts of ‘f**k you’ at the end of the backstreet boys coinbase ad,” an Axios reporter shared on X. Some were more specific with their reasons.

“The Coinbase ad was a perfect microcosm of why everyone hates crypto. It took something universally loved, slapped ‘crypto’ on it, and prayed the emotional hijacking would work,” said AJC, an enterprise research manager at Messari. “A classic bait-and-switch, exactly what retail has come to expect from crypto.”

The NFL’s championship game is the most-watched telecast event every year, bringing in more than 100 million viewers. A 30-second commercial spot during Super Bowl LX, which aired on NBC and Peacock, was going for approximately $8 million as early as last July, according to Adweek. Coinbase’s ad was the only crypto-specific commercial to air during the game. The ad also streamed live in New York’s Times Square and on the Sphere’s Exosphere in Las Vegas.

Some of Coinbase’s Backstreet Boys-themed thunder may have been stolen from T-Mobile, which brought the whole group together for a “Tell Me Why” jingle. Coinbase CEO Brian Armstrong, unsurprisingly, loved his company’s spot.

“Most people half watch commercials (buzzed, in a loud room, with lots of people),” Armstrong wrote on X. “It takes something unique to break through. Turning 100M+ screens into karaoke, so the whole U.S. (and many around the world) can sing in unison, is an antidote to polarization and just plain fun. Everybody deserves economic freedom.”