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

Tesla CEO Elon Musk has apparently given the cold shoulder to a $600,000 monument of him in goat form – which was created as part of a bizarre crypto marketing stunt.

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

The statue depicts Elon Musk’s head on the body of a goat riding a rocket. The statue also sees Musk wearing a dog collar with a Dogecoin (DOGE) attached token.

According to EGT white paper, the entire project was designed to be roadworthy and attached to a 50ft semi-trailer for transportation. The concept design was drawn and rendered in Los Angeles.

The self-described “Elon Superfans” founders of EGT said in the project description on their website that they were trying to do “something no other Crypto project has dared to do” to gain recognition and legitimacy for their project with Musk Recognition.

Unfortunately for EGT though, the $600,000 monument didn’t get any public acknowledgment from Musk himself, at least on Twitter.

Despite this, it still received extensive media coverage, including from The Wall Street Journal, Business Insider and The Washington Post.

Lots of Musk themed tokens

There is not much information about EGT and its purpose other than it was launched in January 2022 on the Binance Smart Chain (BSC), and was criticized for its Musk-centric marketing plan and lack of usefulness at launch, according to its own white paper.

The token is also one of many Elon Musk-themed tokens trying to leverage the entrepreneur’s fame to market his token. Other Musk-themed tokens include Dogelon Mars (ELON) and spaceTwitterDoge and elonDogeTwit.

At the time of writing, EGT has 18,400 Twitter followers, while Quinceko and Coinmarketcap both list EGT, but neither has data regarding its market capitalization. Its price seemed to rise momentarily before dropping to a month low after the statue was delivered.

According to its white paper, EGT now claims to be working to have real utility in the decentralized finance (DeFi) space, having migrated smart contracts from BSC to the Ethereum blockchain.

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

Exaggerated publicity stunts have been a popular method for crypto projects over the years.

In 2018, the Ukrainian social network ASKfm launched an initial coin offering (ICO) in leaving a wallet with 500,000 tokens on top of Mount Everest, the highest mountain above sea level in the world.

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

Another stunt in 2018 saw Epoch Cryptocurrency website owner Wong Ching-kit drop piles of money on a rooftop in Sham Shui Po, Hong Kong to promote a competition where participants could allegedly win big cash prizes.

Most recently, Rahul Advani, Ripple’s APAC Policy Director argued that crypto will have to move away from “hype cycles” and towards “building real utility”.

He explained that the fall of FTX will make regulators and governments take a closer look at crypto regulations.