Tungsten – A word that people in space rarely resonated with has now become the talk of the crypto city because of its intriguing and fascinating characteristics. The cube being talked about is merely 14 inches in size and is made of tungsten. However, it weighs a ton [approximately 907 kg.] due to the density of the metal.
According to people from the space, HODLing the cube is an experience like no other. Well, to be perplexed at this point is totally understandable, but you just have to keep in mind that anything that is capable of grabbing people’s attention is of value today.
Over the last few days, people have been trying to figure out the whole cube frenzy. The Google Trends result speaks for itself. The peaks on the chart below are pretty relentless, and the previous peaks barely fit the bill.
Getting the facts straight
Before proceeding with other astounding details, it is crucial to see how and why this cube saga all started.
Well, Midwest is a tungsten service company that has been in space since 1958 and specializes in tungsten and alloys. Of late, their newer cube products have started to grab a lot of eyeballs. Since 2015, the cube has allowed many people to directly discover the density of tungsten.
Now tungsten, as a matter of fact, is a metal that’s 1.7 times as dense as lead. Scholars have been buying it for a while and owning them has obviously been a joke on Reddit.
Well, the precipitous popularity of these cubes saw Midwest Tungsten Service’s sales surge by over 300% in October. According to the company’s official customer breakdown data, until recently the majority of its business came from industrial customers. However, the hype provoked them to start offering cubes in a host of sizes – right from 1 cm to 10 cm to cater to the needs of its new retail customer base.
Interest in tungsten cubes prompted the company to analyze and determine the biggest cube it could build, according to the recent Midwest blog. After introspection, his biggest 14-inch cube was born.
Gawk-worthy reactions
New owners of the cube have already started dramatizing the whole situation. One of them went so far as to say that his past life, especially during the waiting period, was a “bad life”.
By and large, people are climbing onto this cube bandwagon just not to miss out on the whole cube saga. Well, it was Ether rocks recently and now, they’re tungsten cubes.
Terms and conditions applied
To track the relevance of the crypto, Midwest decided that the Tungsten Cube would be sold as NFT. Owners of the NFT would be able to pay an annualized visit to see/photograph/touch the physical cube that would be stored at the headquarters of the Midwest Tungsten Service.
According to the description of the NFT on OpenSea,
“Subsequent owners of the NFT cannot visit the cube in a year in which the cube has already been visited.”
In fact, the company went on to clarify that the cube would be stored in a room of its own that would be locked and only be accessible by the NFT owner. In addition, the cube would not be available until 12 weeks after the first sale. Regarding delivery, his blog noted,
“Burning the NFT will result in shipment to the most recent owner via freight truck, owner will be responsible for alerting Midwest Tungsten Service of the intention to burn and transport after freight drop-off.”
An offer worth thousands!
The NFT was recently sold to a group called TungstenDAO for almost 57 ETH, valued at around $ 250,000. Even though what the group intends to do with the NFT is not known, it more or less seems like the purchase was made to bring the DAO to the spotlight.
The group describes itself as an “experimental meme incubation studio” and aims to “amass a collection of highly memorable assets and then create content that reinforces their social significance and reinforces memetic desires for those assets.”
Well, a few claim that the density of the cube, along with the intangible/immaterial nature of NFTs, make a perfect combination. While for others, the experience of HODLing these objects is its own reward. The simplest and most appealing answer, however, is that the block be bought to gratify one’s memes.
Will TungstenDAO become the first multi-billion dollar meme studio? Will the cube hype continue? Even if the answer to the aforementioned questions probably isn’t, no one in space can claim it for sure. Given the ever-changing trends, a cuboid or perhaps a sphere might soon end up dethroning the cube.
NFTs are revolutionary in themselves, but the trends these days are getting out of hand. And, it looks like the cube is just another trying to bite the dust.
