Tesla CEO Elon Musk has seemingly given the chilly shoulder to a $600,000 memorial of him within the type of a goat — created as a part of a weird crypto advertising and marketing stunt.
The 30-foot-long, 12,000-pound metallic statue of Elon Musk was delivered to Tesla’s Austin headquarters on November 26 and was a part of a publicity stunt by the co-founders of the memecoin Elon Goat Token (EGT).
The statue options the pinnacle of Elon Musk on the physique of a goat using a rocket. The statue additionally options Musk sporting a canine collar with a Dogecoin (DOGE) token hooked up.
We’re very pleased with our accomplishments and our dedication to #EGT
We have all the time had a long-term imaginative and prescient for $EGT and can proceed to develop the model and utility.
We imagine our arduous work can lead to Elon claiming #ElonGOAT and we’ll work in direction of that aim! Possibly a bit of enjoyable too! pic.twitter.com/Rk2Gdn5PpE
— Elon Goat Token (@ElonGoatToken) November 27, 2022
In keeping with the EGT whitepaper, the complete venture was designed to be roadworthy and mounted on a 50-foot semi-trailer for transport. The idea design was drawn and rendered in Los Angeles.
The founders of EGT, who describe themselves as “Elon superfans,” mentioned within the venture description on their website that they have been making an attempt “to do one thing that no different crypto venture has dared to do” to provide you with an acknowledgment and Gaining legitimacy for his or her venture from Musk.
Sadly for EGT, nonetheless, the $600,000 memorial hasn’t acquired any public recognition from Musk himself, at the least not on Twitter.
Regardless of this, it nonetheless acquired a variety of mainstream media protection, together with from The Wall Road Journal, Business Insider, and The Washington Put up.
A number of musky tokens
There is not a lot details about EGT and its objective, apart from that it was launched on the BNB Good Chain in January 2022 and in line with its personal white paper, has been criticized for its musky-centric advertising and marketing plan and lack of utility at launch.
The token can also be one among many Elon Musk tokens making an attempt to take advantage of the entrepreneur’s fame to market his token. Different Musk tokens are Dogelon Mars (ELON) and spaceTwitterDoge and elonDogeTwit.
On the time of writing, EGT has 18,400 followers on Twitter, whereas CoinGecko and CoinMarketCap each checklist EGT, however neither has information on their market cap. The value appeared to have spiked briefly earlier than falling to month-to-month lows following the statue’s supply.
In keeping with its whitepaper, EGT claims to now be working in direction of having actual utility within the decentralized finance (DeFi) area after migrating sensible contracts from BNB Good Chain to the Ethereum blockchain.
Associated: It is time crypto followers cease supporting cults of persona
Over-the-top publicity stunts have been a preferred approach for crypto tasks through the years.
In 2018, Ukrainian social community ASKfm launched an Preliminary Coin Providing (ICO) by leaving a pockets containing 500,000 tokens on the prime of Mount Everest, the very best mountain above sea level on the earth.
On the time, ASKfm calculated the tokens within the pockets at $50,000, a sum calculated by estimating their value after the pre-sale and ICO launch.
In one other 2018 stunt, Epoch cryptocurrency website proprietor Wong Ching-kit dropped stacks of money from a rooftop in Sham Shui Po, Hong Kong, to advertise a contest the place contributors might reportedly win massive money prizes.
Most not too long ago, Ripple’s APAC Coverage Director, Rahul Advani, argued that crypto wants to maneuver away from “hype cycles” and towards “actual utility constructing.”
He defined that the autumn of FTX will immediate regulators and governments to scrutinize crypto rules way more carefully.