Nftnews Today Bizarre $600K Elon Musk crypto statue marketing stunt falls flat
Tesla CEO Elon Musk has seemingly given the chilly shoulder to a $600,000 monument of him in goat kind — 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 carrying a canine collar with a Dogecoin (DOGE) token connected.
We’re very happy with our accomplishments and dedication to #EGT
We’ve at all times had long run imaginative and prescient for $EGT and can proceed to construct the model and utility.
We really feel our onerous work can result in Elon claiming #ElonGOAT and we’ll work in the direction of this purpose! Possibly have some enjoyable too! pic.twitter.com/Rk2Gdn5PpE
— Elon Goat Token (@ElonGoatToken) November 27, 2022
In accordance with the EGT whitepaper, the entire challenge was engineered to be roadworthy and mounted 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 challenge description on their web site they had been attempting to do “one thing no different Crypto challenge has dared to do” to realize recognition and legitimacy for his or her challenge 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 acquired 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 goal aside 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 considered one of many Elon Musk-themed tokens trying to use 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 record 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.
In accordance with its whitepaper, EGT claims to now be engaged on having actual utility within the decentralized finance (DeFi) area, having migrated sensible 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 methodology 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 degree 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 may allegedly win massive 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 rather more carefully.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.