KEY POINTS

  • After enjoying 300% surge in sales, Midwest Tungsten auctioned its first tungsten cube NFT
  • Pseudonymous NFT collector Vincent Van Dough bought the NFT for 56.9 ETH
  • Fake Bloomberg headline led to crypto traders' increased interest in tungsten cubes

A decentralized organization (DAO) has purchased an NFT that represents a 2k pond tungsten cube for a whopping amount of $250K.

Citing the auction details, The Block noted that Tungsten DAO, which includes notable pseudonymous NFT collector Vincent Van Dough, bought the NFT for 56.9 ETH ($250,000) and 10% of this will go to a charitable trust.

Van Dough revealed in a tweet that the cube will “remain at @MTS_Store’s factory until the NFT representation of it is burnt, which will trigger delivery of the cube via freight.”

For context, this came as a result of a meme turning into reality. Last month, Coin Center’s director of comms Neeraj Agrawal made a fake Bloomberg headline that crypto traders were buying up tungsten cubes, which has led to the shortage and an upswing in the prices.

Following the tweet, crypto traders actually started buying tungsten cubes, and as a result Midwest Tungsten, one of the few providers of such cubes, has enjoyed an almost 300% surge in sales and attention from crypto enthusiasts. Since then, the company is accepting payment in bitcoins and has now turned to NFTs.

On Oct. 25, Midwest Tungsten created an auction for its first tungsten cube NFT. The NFT represents a physical 2,000 lb cube present at its headquarters in Illinois. The buyer can visit the cube once a year and access the room where it is stored.

The NFT was then bought by Tungsten DAO, which Van Dough created on Oct. 23, describing it as an “experimental meme incubation studio.”

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