Bizarre $600K Elon Musk crypto statue marketing stunt falls flat

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Tesla CEO Elon Musk has seemingly given the chilly shoulder to a $600,000 monument of him in goat type —  which was created as a part of a weird crypto advertising and marketing stunt.

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Delivered to Tesla’s Austin headquarters on Nov. 26, the 30-foot, 12,000-pound metallic statue of Elon Musk was a part of a publicity stunt by the co-founders of the memecoin Elon Goat Token (EGT).

The statue options the pinnacle of Elon Musk on the physique of a goat that’s driving a rocket. The statue additionally sees Musk sporting a dog collar with a Dogecoin (DOGE) token hooked up.

In line with the EGT whitepaper, the entire mission was engineered to be roadworthy and fixed to a 50-foot semi-trailer for transportation. The conceptual design was drawn and rendered in Los Angeles.

The founders of EGT, who’re self-described “Elon Superfans,” mentioned within the mission description on their web site they had been attempting to do “one thing no different Crypto mission has dared to do” to achieve recognition and legitimacy for his or her mission with an acknowledgment from Musk.

Sadly for EGT nonetheless, the $600,000 monument has failed to achieve any public acknowledgment from Musk himself, a minimum of on Twitter. 

Regardless of this, it nonetheless received loads of mainstream media protection, together with from the likes of The Wall Road Journal, Enterprise Insider and The Washington Put up.

Loads of Musk-themed tokens 

There is not a lot details about EGT and its function apart from it was launched in Jan. 2022 on the Binance Good Chain (BSC), and has been criticized for its Musk-centric advertising and marketing plan and lack of utility featured upon launch, in keeping with its personal whitepaper. 

The token can also be one in every of many Elon Musk-themed tokens making an attempt to use the entrepreneur’s fame to market its token. Different Musk-themed tokens embody Dogelon Mars (ELON) and spaceTwitterDoge and elonDogeTwit.

As of the time of writing, EGT has 18,400 followers on Twitter, whereas Coingecko and Coinmarketcap each listing EGT, however neither has knowledge surrounding its market cap. Its value appeared to have spiked momentarily earlier than dipping to month lows after the supply of the statue.

In line with its whitepaper, EGT claims to now be engaged on having actual utility within the decentralized finance (DeFi) area, having migrated good contracts from BSC to the Ethereum blockchain.

Associated: It’s time for crypto followers to cease supporting cults of persona

Over-the-top publicity stunts have been a preferred technique for crypto initiatives through the years.

In 2018 Ukrainian social community ASKfm launched an Preliminary Coin Providing (ICO) by leaving a pockets with 500,000 tokens on the prime of Mount Everest, the best mountain above sea stage on this planet.

On the time, ASKfm calculated the tokens within the pockets at $50,000, a sum calculated by an estimate of their worth as soon as the pre-sale and ICO launch.

One other stunt in 2018 noticed the proprietor of the Epoch Cryptocurrency web site Wong Ching-kit drop stacks of money off a roof in Sham Shui Po, Hong Kong to advertise a contest the place members might allegedly win giant money prizes.

Most lately, Rahul Advani, APAC Coverage Director of Ripple argued that crypto might want to transfer away from “hype cycles” and in the direction of “constructing actual utility.”

He defined that the autumn of FTX will immediate regulators and governments to scrutinize crypto laws far more intently.

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