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

Tesla CEO Elon Musk has actually relatively offered the cold shoulder to a $600,000 monolith of him in goat kind– which was developed as part of a strange crypto marketing stunt.

Provided to Tesla’s Austin head office on Nov. 26, the 30-foot, 12,000-pound metal statue of Elon Musk belonged to a promotion stunt by the co-founders of the memecoin Elon Goat Token (EGT).

The statue includes the head of Elon Musk on the body of a goat that is riding a rocket. The statue likewise sees Musk using a canine collar with a Dogecoin (DOGE) token connected.

We’re extremely pleased with our achievements and dedication to #EGT

We have actually constantly had long term vision for $EGT and will continue to construct the brand name and energy.

We feel our effort can result in Elon declaring #ElonGOAT and we will work towards this objective! Perhaps have some enjoyable too! pic.twitter.com/Rk2Gdn5PpE

— Elon Goat Token (@ElonGoatToken) November 27, 2022

According to the EGT whitepaper, the entire job was crafted to be roadworthy and secured to a 50-foot semi-trailer for transport. The conceptual style was drawn and rendered in Los Angeles.

The creators of EGT, who are self-described “Elon Superfans,” stated in the job description on their site they were attempting to do “something no other Crypto job has actually attempted to do” to get acknowledgment and authenticity for their job with a recommendation from Musk.

Regrettably for EGT nevertheless, the $600,000 monolith has actually stopped working to get any public recommendation from Musk himself, a minimum of on Twitter.

Regardless Of this, it still got a lot of traditional media protection, consisting of from the similarity The Wall Street Journal, Service Expert and The Washington Post.

Lots of Musk-themed tokens

There isn’t much info about EGT and its function aside from it was introduced in Jan. 2022 on the Binance Smart Chain (BSC), and has actually been slammed for its Musk-centric marketing strategy and absence of energy included upon launch, according to its own whitepaper.

The token is likewise among lots of Elon Musk-themed tokens trying to make use of the business owner’s popularity to market its token. Other Musk-themed tokens consist of Dogelon Mars (ELON) and spaceTwitterDoge and elonDogeTwit.

Since the time of composing, EGT has 18,400 fans on Twitter, while Coingecko and Coinmarketcap both list EGT, however neither has information surrounding its market cap. Its rate appeared to have actually increased for a moment prior to dipping to month lows after the shipment of the statue.

According to its whitepaper, EGT declares to now be dealing with having genuine energy in the decentralized financing (DeFi) area, having actually moved clever agreements from BSC to the Ethereum blockchain.

Related: It’s time for crypto fans to stop supporting cults of character

Excessive promotion stunts have actually been a popular approach for crypto jobs for many years.

In 2018 Ukrainian social media network ASKfm introduced a Preliminary Coin Offering (ICO) by leaving a wallet with 500,000 tokens at the top of Mount Everest, the greatest mountain above water level worldwide.

At the time, ASKfm determined the tokens in the wallet at $50,000, an amount determined by a quote of their worth once the pre-sale and ICO launch.

Another stunt in 2018 saw the owner of the Date Cryptocurrency site Wong Ching-kit drop stacks of money off a roofing in Sham Shui Po, Hong Kong to promote a competitors where individuals might presumably win big prize money.

Most just recently, Rahul Advani, APAC Policy Director of Ripple argued that crypto will require to move far from “buzz cycles” and towards “developing genuine energy.”

He described that the fall of FTX will trigger regulators and federal governments to inspect crypto guidelines far more carefully.