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 produced as part of a strange marketing stunt.

Delivered to Tesla’s Austin head office on Nov. 26, the 30- foot, 12,000- pound metal statue of Elon Musk became part of 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 pet dog collar with a Dogecoin (DOGE) token connected.

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

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

We feel our effort can cause 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 white paper, 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 task description on their site they were attempting to do “something no other Crypto job has actually attempted to do” to acquire acknowledgment and authenticity for their task with a recommendation from Musk.

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

Despite this, it still got a lot of traditional media protection, consisting of from the similarity The Wall Street Journal, Business Insider and The Washington Post.

Plenty of Musk-themed tokens

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

The token is likewise among numerous 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.

As of 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 surged briefly prior to dipping to month lows after the shipment of the statue.

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

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

Over-the-top promotion stunts have actually been a popular approach for crypto tasks for many years.

In 2018, Ukrainian social media network ASKfm released 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 computed 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 Epoch 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 “constructing genuine energy.”

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

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