Memes become reality Tungsten DAO buys tungsten cube NFT for $250,000

Summary

  • A  DAO spends US$250,000 to purchase a large tungsten cube  NFT .
  • Here are the reasons why crypto traders buy cubes and NFTs.

A decentralized organization (DAO) purchased an NFT, which represents a super-large tungsten cube and can be exchanged for real objects.

The members of this organization include the well-known anonymous NFT collector Vincent Van Dough, who purchased the NFT for 56.9 ETH (approximately US$250,000). According to the auction details, 10% of the proceeds will be used for charity.

Meme becomes reality

For those who don’t spend the entire day on Twitter, some background needs to be introduced first.

Last month, Coin Center Communications Director Neeraj Agrawal posted a screenshot of a fake Bloomberg headline on Twitter, claiming that crypto traders are buying tungsten cubes, causing prices to skyrocket.

Memes become reality, Tungsten DAO buys tungsten cube NFT for $250,000

This led to the fact that crypto traders actually did this, which in turn led reporter Joe Weisenthal to turn it into real Bloomberg headlines. So, this is a meme, but people have been buying tungsten cubes because tungsten is so tight and hard to melt.

Memes become reality, Tungsten DAO buys tungsten cube NFT for $250,000

Midwest Tungsten is one of the few suppliers of such cubes, and its sales have been surging and attracted the attention of the crypto crowd. Since then, the company started accepting Bitcoin payment cubes. Then turned to NFT.

On October 25th, Midwest Tungsten held an auction for its first tungsten cube NFT. The NFT represents a solid cube weighing 2,000 pounds and is stored at its headquarters in Illinois. Buyers can visit once a year, and it is stored in a room that only the owner of the cube can access. If the buyer decides to destroy the NFT, Midwest Tungsten will ship the physical cube to them.

As for who bought the NFT? The buyer was Tungsten DAO, which Van Dough created on October 23 and described it as an “experimental meme incubation studio.”

Van Dough is an NFT collector, he has spent more than 20 million US dollars on NFT. They also recently revealed that they have teamed up with Three Arrows Capital co-founders Su Zhu and Kyle Davies to set up a new NFT fund.

They explained that anyone can submit a meme that is hugely attractive, and if approved, it will be cast into an NFT. Most of the sales of memes will go to the DAO Treasury, and 10% will be allocated to meme creators.

As for how they will handle this tungsten cube NFT, Van Dough wrote on Twitter, “The (physical) tungsten cube will be stored in the factory of Midwest Tungsten (@MTS_Store) until the NFT representing it is destroyed, which will trigger the cube. Delivery by freight.”

Other cube business

Don’t confuse this NFT auction with the recent collection of 500 tungsten cube NFTs for $200,000. All sales proceeds of the latter and ongoing royalties for the collection will be sent to crypto advocacy groups such as Coin Center.

FTX  CEO Sam Bankman-Fried is auctioning Tungsten Cube 69 on FTX.US’s newly launched market. He stated that the cube will be signed/carved by him and all proceeds will be donated. In addition to NFT, the buyer will also receive a 4-inch solid tungsten cube from Midwest Tungsten. So far, the highest bid is 200 SOL , which is worth about $40,000.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/memes-become-reality-tungsten-dao-buys-tungsten-cube-nft-for-250000/
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