Cryptocurrency-themed advertising has been growing extremely popular on Telegram, with some ad firms reporting that crypto became the most expensive ad type on the platform in 2021.

The average cost per 1,000 impressions (known as CPM) for crypto ads on Telegram in Russia significantly surged in 2021, posting a more than fourfold increase, according to a report by ad marketplace Telega released on Thursday.

The CPM of such crypto ads reached 6,700 Russian rubles ($90) by the end of 2021, becoming the most expensive type of advertisement on Telega’s marketplace, surpassing themes like trading and investments.

Crypto ads were also among the top valued on Telegram in terms of total volume share, with the total turnover accounting for more than 6% of all ads on Telega, only falling behind investments and business, which accounted for 13% and 10%, respectively.

The report includes data exclusive to Telega’s own ad service and does not rely on information related to Telegram’s official service or sponsored messages, which were launched in November 2021, the study’s author, Dmitry Kornilov, told Cointelegraph.

“Clients from crypto projects are the most popular among our advertisers. Over the past six months, the demand for advertising has grown exponentially,” a Telega executive said, adding that the company’s CPM calculations are based on orders passing through its marketplace.

Some of the most popular crypto ads promoted on Telega in 2021 were related to cryptocurrencies, exchanges, initial decentralized exchange offerings, blockchain gaming — including play-to-earn games — and nonfungible tokens (NFTs), the firm said. Launched in 2016, Telega is an unofficial Telegram-based ad marketplace in Russia, also operating an international ad service. The firm previously conducted a similar study in October 2021.

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The crypto ad industry massively expanded in 2021 in parallel with crypto’s total market value, which topped $3 trillion in November. The United Kingdom’s Advertising Standards Authority, among other government bodies around the world, has been actively monitoring the space, taking down multiple ads and issuing warnings to major industrial companies. Regulators in countries like Spain and Singapore have also updated advertising policies related to crypto in recent months.