We went from 16 Crypto sponsors in the last Formula1 to just 10 sponsors this time. This is how unsustainable business models fail.

Since the bull market in 2021 we have entered a new stage of Crypto mainstream adoption like never before and just by the amount of adoption we are still getting in the middle of this bear market, we can clearly see how much Crypto has changed for the better.

One integral part of that mainstream adoption has been some fabulous marketing by Crypto. Many may still remember the marketing juggernaut Crypto.Com was in the last bull market with countless big partnerships.

One main area of that Crypto marketing movement has been Sports and we will take up the example of the Formula 1:

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List of Crypto Sponsors during the Formula 1 in 2022 vs 2023, chart from Wu Blockchain

Here we can see a comparison of the 2022 F1 season and its Crypto sponsors and the current 2023 Crypto sponsors. There has been a quite sizeable decline of 16 to 10 now and quite interestingly you can clearly see the reason for that. The 2022 season had a ton of unsustainable or clear shitcoins promoting themselves, with even some shitcoins like Floki, some unknown ones like Velas or of course the infamous FTX.

This just happens to show how marketing is not always the answer to everything. While of course marketing can boost the awareness for your project and is a necessity for a widely successful Crypto project, even the best marketing can not undo a clear shitcoin.