“We’re all naturally overachievers by nature, that’s just how we roll,” Sansalone said. “The second we have a minute to breathe we just think of something else to optimize.” Arizona has become a central hub for the technology startup. Spectacle is a Phoenix-based custom fabrication company run by the Maker brothers, which is one reason for the Arizona ties. Spectacle has been commis- sioned to work on a wide variety of projects for ‘bigger-than-life-experiences’ such as for customers like the Super Bowl, Burning Man, and the Waste Management Phoenix Golf Open. It’s not clear how effective the sculpture and public relations stunt will be. “In advertising and brand development we look to whether the elements of a work are original (rare and surprising) and move away from what’s obvious and common, “ said Nancy Gray, a professor at the W.P. Carey School of Business at Arizona State University. But when it’s too weird, it doesn’t work, Gray said. “When a work waxes weird – when the audience finds it over-the-top odd in an unsettling way – the opposite is true. Brand affinity and equity suffer because people tend to feel uncomfortable associating with that work/product,” she said. In the meantime, the project caught the eye of Jason Hervey, a television producer. Hervey, best known for his role as Wayne Arnold on the television show The Wonder Years, said cryptocurrency is “fascinating.” “It’s about who is being bold, who is be- ing innovative, and who is looking at this thing in a long-term sense,” said Hervey, owner of a PR business in Phoenix. He read about Elon Goat Token through Vice News. He’s since tossed around the idea for a documentary about the project. “There are probably teenagers that know more about crypto than I do,” he said. “I’m not some finance expert that can pontificate on the fundamentals of the company. [But] these guys have put every- thing on the line and have become ob- sessed with this love letter to Elon Musk.” Both Strawbridge and Sansalone under- stand that cryptocurrency is only as valu- able as the people who believe in it. Sansalone “moves a million miles a min- ute” while Strawbridge is much more calm. “What builds these things is the com- munity, not U.S. [Gross Domestic Prod- uct],” Strawbridge said. “It’s a perception of value. It is what we say it is.” The idea that something so valuable can turn to dust overnight seems bizarre but cryptocurrency has seen some market traction in the venture capital realm at least. Venture capitalists, who expect to bet on half a dozen potential winners and ex- pect most of the startups to fail, invested $32.8 billion in blockchain and crypto- related technology startups in 2021, according to market research business Galaxy Digital. Early-stage cryptocurrency technology startups, such as Elon Goat Token, ac- counted for 60 percent of all the cryptocur- rency venture capital investments during the fourth quarter in 2021. Investor appetite for a byte of crypto- currency in their portfolios doesn’t always translate to profitable companies. Or any increase in actual value either. Bitcoin, which was the first widespread decentralized digital currency and most commonly held among cryptocurrency in- vestors, dropped to $33,000 per bitcoin in late January. Each bitcoin was worth $69,000 in November. It’s seen as an indicator of the cryptocurrency market as a whole since it’s the largest community by market capital- ization. Cryptocurrency is extremely volatile and can lose upwards of $1 trillion in mar- ket value in one week. Prices soar when people want to buy and plummet when people are selling digital coins. “THESE GUYS HAVE PUT EVERYTHING ON THE LINE AND HAVE BECOME OBSESSED WITH THIS LOVE LETTER TO ELON MUSK.” —JASON HERVEY The Federal Reserve is considering in- creasing the fed funds rate which would, in turn, increase interest rates as one way to try and combat inflation. As such, the over- all investor market isn’t nearly as inter- ested in risky stocks like technology startups and digital currencies like Bitcoin. Meanwhile, the Biden Administration is expected to release an executive order which would enable the federal govern- ment to regulate digital currencies more closely. Which is not something cryptocur- rency investors are excited to see. “If you’re not on top of things, people just rip you apart,” Sansalone said. “If we say we have to do something we have to do it. and how fast we do it makes our clients excited about the next thing that we say we’re going to do. Once you build that trust, at least when you fuck up or are fall short, people still know that you’re making progress.” Next for Sansalone: “Managing my anxiety attack and caffeinating,” he says jokingly as he sips on his Red Bull. His dream is for their company to sponsor a Formula 1 Red Bull race car. “Personally this would be the coolest thing.” The entire startup is teetering on a sim- ple response from the techno king of Tesla and whether or not he will accept this monument as his own. After all, he is the central theme of their project. Musk’s position of power in the tech- nology world and his symbolic leadership in the crypto world means he might have the Midas touch of gold. Or he may see it as a Trojan Goat. “We’re just trying to impress him and see what happens as it all unfolds,” Sansa- lone said. 21 phoenixnewtimes.com | CONTENTS | FEEDBACK | OPINION | NEWS | FEATURE | NIGHT+DAY | CULTURE | FILM | CAFE | MUSIC | PHOENIX NEW TIMES FEB 17TH– FEB 23RD, 2022
