Bizarre $600K Elon Musk Crypto Statue Marketing Stunt Fails

Tesla CEO Elon Musk has seemingly 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.

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

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

According to the EGT whitepaper, the entire project was designed to be roadworthy and attached to a 15-metre long trailer for transport. The conceptual design was drawn and rendered in Los Angeles.

The founders of EGT, who describe themselves as “Elon Superfans”, 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 an acknowledgment from Musk.

Unfortunately for EGT, however, the $600,000 monument has received no public acknowledgment from Musk himself, at least on Twitter.

Despite this, it still received a lot of mainstream media attention, including from The Wall Street Journal, Business Insider and The Washington Post.

Plenty of Musk themed tokens

There isn’t much information about EGT and its purpose, except that it launched in January 2022 on the Binance Smart Chain (BSC), and was criticized for its Musk-focused marketing plan and lack of usability at launch, according to its own white paper.

The token is also one of several Elon Musk-themed tokens that are trying to exploit the entrepreneur’s notoriety to market their token. Other Musk-themed tokens include Dogelon Mars (ELON) and spaceTwitterDoge and elonDogeTwit.

At the time of writing, EGT has 18,400 followers on Twitter, while Coingecko and Coinmarketcap both list EGT, but neither has market cap data. The price seemed to have briefly risen before falling to the low of the month after the delivery of the image.

According to its white paper, EGT now claims to be working on a 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 cults of personality

Over-the-top publicity stunts have been a popular method for crypto projects over the years.

In 2018, Ukrainian social network ASKfm launched an Initial Coin Offering (ICO) by leaving a wallet containing 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 estimating their value after the presale and launch of the ICO.

In another stunt in 2018, Epoch Cryptocurrency website owner Wong Ching kit dropped piles of cash from a rooftop in Hong Kong’s Sham Shui Po to promote a competition where participants reportedly could win large cash prizes.

Recently Rahul Advani, Ripple’s APAC policy director, argued that crypto needs to move away from “hype cycles” and towards “building real utility”.

He explained that the fall of FTX will prompt regulators and governments to scrutinize crypto regulation much more closely.