• Mon. Jan 30th, 2023

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

Tesla CEO Elon Musk has seemingly offered the cold shoulder to a $600,000 monument of him in goat type —  which was designed as part of a weird crypto promoting stunt.

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

The statue attributes the head of Elon Musk on the body of a goat that is using a rocket. The statue also sees Musk donning a dog collar with a Dogecoin (DOGE) token attached.

According to the EGT white paper, the full undertaking was engineered to be roadworthy and mounted to a 50-foot semi-trailer for transportation. The conceptual layout was drawn and rendered in Los Angeles.

The founders of EGT, who are self-described “Elon Superfans,” stated in the undertaking description on their website they have been trying to do “something no other Crypto job has dared to do” to obtain recognition and legitimacy for their undertaking with an acknowledgment from Musk.

Unfortunately for EGT, however, the $600,000 monument has unsuccessful to acquire any public acknowledgment from Musk himself, at least on Twitter. 

In spite of this, it even now received loads of mainstream media coverage, such as from the likes of The Wall Avenue Journal, Company Insider and The Washington Write-up.

Lots of Musk-themed tokens 

There isn’t a great deal facts about EGT and its intent other than it was launched in Jan. 2022 on the BNB Good Chain and has been criticized for its Musk-centric promoting strategy and lack of utility highlighted on launch, in accordance to its possess white paper. 

The token is also a person of lots of Elon Musk-themed tokens trying to exploit the entrepreneur’s fame to industry its token. Other Musk-themed tokens consist of Dogelon Mars (ELON) and spaceTwitterDoge and elonDogeTwit.

As of the time of crafting, EGT has 18,400 followers on Twitter, while CoinGecko and CoinMarketCap both record EGT, but neither has knowledge bordering its sector cap. Its value appeared to have spiked momentarily prior to dipping to month lows following the shipping and delivery of the statue.

According to its white paper, EGT statements to now be doing the job on getting true utility in the decentralized finance (DeFi) place, owning migrated good contracts from BNB Clever Chain to the Ethereum blockchain.

Related: It is time for crypto supporters to cease supporting cults of character

More than-the-best publicity stunts have been a preferred process for crypto tasks about the years.

In 2018, Ukrainian social community ASKfm launched an original coin giving (ICO) by leaving a wallet with 500,000 tokens at the major of Mount Everest, the highest mountain higher than sea stage in the environment.

At the time, ASKfm calculated the tokens in the wallet at $50,000, a sum calculated by an estimate of their value once the pre-sale and ICO launch.

An additional stunt in 2018 noticed the operator of the Epoch Cryptocurrency web site Wong Ching-package drop stacks of hard cash off a roof in Sham Shui Po, Hong Kong, to boost a level of competition in which participants could allegedly acquire significant hard cash prizes.

Most a short while ago, Rahul Advani, APAC coverage director of Ripple argued that crypto will want to go away from “hype cycles” and towards “building serious utility.”

He described that the tumble of FTX will prompt regulators and governments to scrutinize crypto laws substantially additional intently.