I have been using Brave browser for over 4 months and I have never had this "No Ads" issue until this month.
It seems like other people are having the same issue?!
I didn't change settings or reinstall Brave or anything, but somehow something was changed and ads stopped showing up all of a sudden.
I finally figured it out and fixed the problem.
There are many reasons involved why ads are not showing up, and this is not a fix all for everyone.
But if you are using Windows 10 and have been receiving ads in the past but suddenly stopped, you should try this 👇
Go to Main Menu → Brave Rewards (brave://rewards)
Make sure rewards and ads are enabled.
Click "Ads Settings" and change ads number.
Check other basics here -> Brave Rewards FAQ
Check Windows Settings
Go to Windows Settings -> Focus assist
Make sure it's "Off": Get all notifications from your apps and contacts.
Go to Windows Settings -> Notifications & actions
Notifications is "On" and Brave is listed and "On" in the senders notification list.
Click on Brave icon and check Brave's notification settings.
Notifications is "On" and "Show notification banners" checked.
For some reason, Brave was not listed in the senders list for me and I couldn't enable it.
If you don't see Brave in the "Get notifications..." list, use this tool 👇
Go the site and click "Authorize".
This will make the Brave listed in the "Get notifications from these senders" section so turn on Brave notifications and notification banners.
Once everything is enabled, you can check to see if you actually get a notification from Brave by clicking "Show".
Brave notification will pop up like this 👇
If you see the notification, "No Ads" issue should be fixed.
I started receiving ads from Brave right after this.
And this is the result 🎉🎉🎉
If this didn't fix, you should go here 👇
and send these info to Brave Support.
Key Info Seed:
Wallet Payment ID: