• Hidden anonymous person buys 2,000 pound tungsten cube NFT for $250,000

  • A decentralized group paid $250,000 for a very large tungsten cube of NFT.

    That’s why cryptocurrency traders are buying cubes and their NFTs. a decentralized organization (or DAO) has purchased an NFT representing – and redeemable for – a very large tungsten cube.

    The group, which includes prominent pseudonymous NFT collector Vincent Van Dough, purchased the NFT for 56.9 ETH ($250,000.) According to auction details, 10% of the proceeds will go to charity.

    Memories come to life

    For those of you who don’t spend all day on Twitter, here’s some background.

    Last month, Coin Center’s head of communications, Neeraj Agrawal, made a fake headline saying that cryptocurrency traders were buying tungsten cubes, causing prices to skyrocket. That led to cryptocurrency traders actually doing it, which in turn, led to reporter Joe Weisenthal turning it into a real headline. So, it’s a meme, but people have been buying these cubes – because they’re particularly dense.

    Midwest Tungsten is one of the few suppliers of such cubes, and it’s enjoying a surge in sales and the attention of the cryptocurrency crowd. Since that started, the company has started accepting cubes for payment in bitcoin. Then it moved on to NFTs.

    On Oct. 25, Midwest Tungsten created an auction for its first tungsten cube, the NFT, which represents a 2,000-pound physical cube held at its Illinois headquarters. The buyer can visit the cube once a year, and it is stored in a room that only the cube’s owner can access. If the buyer decides to burn the NFT (permanently destroy it), then Midwest Tungsten will ship the cube to them.

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

    Van Dough is an NFT collector who has spent over $20 million on NFT. They also recently revealed the formation of a new NFT fund, in partnership with Su Zhu and Kyle Davies, co-founders of Three Arrows Capital.

    They explained that anyone can submit a meme that gains significant traction and if approved, it will be minted into an NFT. the majority of sales from the meme will go to DAO’s coffers, with 10% going to the meme creator.

    As for what they will do with the Tungsten Cube NFT, Van Dough tweeted.” The cube will remain at the @MTS_Store facility until its NFT rep is burned, which will trigger delivery of the cube via freight.”

    Other cube operations

    This NFT auction is not to be confused with the collection of 500 Tungsten Cube NFTs that were recently sold for approximately $200,000. All proceeds from the sale of this collection and ongoing royalties were sent to cryptocurrency advocacy groups, including Coin Center.

    FTX CEO Sam Bankman-Fried is auctioning the 69th cube in the series on a newly launched marketplace at FTX.US. He says the winning cube will be signed/engraved by him and all proceeds will be donated. In addition to the NFT, Midwest Tungsten will offer buyers a physical 4-inch tungsten cube.

    So far, the highest bid is 200 SOL, worth about $40,000.

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