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

Bizarre $600K Elon Musk crypto statue advertising and marketing stunt falls flat thumbnail
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Tesla CEO Elon Musk has seemingly given the chilly shoulder to a $600,000 monument of him in goat type —  which was created as a part of a weird crypto advertising and marketing stunt.

Delivered to Tesla’s Austin headquarters on Nov. 26, the 30-foot, 12,000-pound metallic 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 pinnacle 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.

According to the EGT white paper, the entire mission 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 mission description on their web site they had been making an attempt to do “one thing no different Crypto mission has dared to do” to achieve recognition and legitimacy for his or her mission with an acknowledgment from Musk.

Unfortunately for EGT, nonetheless, the $600,000 monument has failed to achieve any public acknowledgment from Musk himself, a minimum of on Twitter. 

Despite this, it nonetheless acquired loads of mainstream media protection, together with from the likes of The Wall Street Journal, Business Insider and The Washington Post.

Plenty of Musk-themed tokens 

There isn’t a lot details about EGT and its goal aside from it was launched in Jan. 2022 on the BNB Smart Chain and has been criticized for its Musk-centric advertising and marketing plan and lack of utility featured upon launch, in accordance with its personal white paper. 

The token can be one in all many Elon Musk-themed tokens trying to take advantage of the entrepreneur’s fame to market its token. Other Musk-themed tokens embody Dogelon Mars (ELON) and areaTwitterDoge 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 knowledge surrounding its market cap. Its worth appeared to have spiked momentarily earlier than dipping to month lows after the supply of the statue.

According to its white paper, EGT claims to now be engaged on having actual utility within the decentralized finance (DeFi) area, having migrated sensible contracts from BNB Smart Chain to the Ethereum blockchain.

Related: 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 high of Mount Everest, the best mountain above sea degree on the earth.

At 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.

Another 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 individuals may allegedly win massive money prizes.

Most not too long ago, Rahul Advani, APAC coverage director of Ripple argued that crypto might want to transfer away from “hype cycles” and towards “constructing actual utility.”

He defined that the autumn of FTX will immediate regulators and governments to scrutinize crypto rules far more intently.

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