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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 stunt.

Delivered to Tesla’s Austin headquarters on Nov. 26, the 30-foot, 12,000-pound steel 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 top of Elon Musk on the physique of a goat that’s using a rocket. The statue additionally sees Musk sporting a canine collar with a Dogecoin (DOGE) token connected.

Based on the EGT whitepaper, the entire venture 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,” stated within the venture description on their web site they have been attempting to do “one thing no different Crypto venture has dared to do” to realize recognition and legitimacy for his or her venture with an acknowledgment from Musk.

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

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

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 plan and lack of utility featured upon launch, in keeping with its personal whitepaper. 

The token can also be one in all many Elon Musk-themed tokens trying to take advantage of the entrepreneur’s fame to market its token. Different Musk-themed tokens embrace 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 information surrounding its market cap. Its worth appeared to have spiked momentarily earlier than dipping to month lows after the supply of the statue.

Based on its whitepaper, EGT claims to now be engaged on having actual utility within the decentralized finance (DeFi) house, having migrated sensible contracts from BSC to the Ethereum blockchain.

Associated: It’s time for crypto fans to stop supporting cults of personality

Over-the-top publicity stunts have been a well-liked methodology for crypto initiatives through the years.

In 2018 Ukrainian social community ASKfm launched an Preliminary Coin Providing (ICO) by leaving a wallet with 500,000 tokens on the high of Mount Everest, the very best mountain above sea stage on the 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 cash off a roof in Sham Shui Po, Hong Kong to advertise a contest the place contributors 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 direction of “constructing actual utility.”

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