Recurring market commentary on what’s happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
Good Morning!
Cubes are cool, right? I got sucked into the Tungsten Cube meme that started a bit over a week ago. Here is a short wrap-up of how it started and unfolded.
Tungsten cubes
About a week ago when most of the crypto Twitter and the TradFi markets were waiting for the launch of the Bitcoin Futures ETF, talks between OG Bitcoiners settled around cubes of tungsten.
Tungsten is a dense metal used for lightbulb filaments and paperweights. The kick-off was initiated by a tweet from Nic Carter, who was simply amused by the existence of tungsten cubes.
all the reviews are just like "yep, it's heavy. does what it says on the tin."
— nic carter (@nic__carter) October 14, 2021
The first wave of memes triggered a buying spree on Amazon, causing the supplier, Midwest Tungsten, to sell out within hours.
Cubes as an NFT
Of course, there is no new meme without an NFT project or concept attached to it. The project Tungsten Cube NFT quickly wrapped the uprising meme into a cool concept. They auctioned off 500 tungsten cube NFTs – each for 1 Solana (SOL). The twist was that you did not know which of the following rarities you would receive:
- 399 1-Zoll-Würfel (2.54cm / 0.30kg)
- 80 2-Zoll-Würfel (5.08cm / 2.36kg)
- 20 4-Zoll-Würfel (10.16cm / 18.88kg)
- 1 7-Zoll-Würfel (17.78cm / 101.13kg)
The auction was finished within seconds, and guess what… I did not get one! But there was an additional perk (or let’s call it an incentive) for the crypto community. Tungsten Cube NFT said that they would donate all royalties of the first 24 hours of trading to Coin Center (a crypto thinktank).
Midwest Tungsten accepts bitcoin
Midwest Tungsten, of course, got in on the hype and started accepting Bitcoin as a payment method. Since October 19th, when that payment option went live, 20% of all tungsten cube sales have been in BTC. Additionally, they were motivated by some heavyweight crypto OGs to produce the largest Tungsten Cube so far ever built: A 14-inch cube (35.56cm / 809.21kg)!
Midwest Tungsten also created its own NFT, backed by this physical 14-inch cube, which is being auctioned off on OpenSea. The highest bidder will receive the digital asset and be allowed one visit to see/photograph/touch the cube per calendar year. If the NFT is destroyed, Midwest Tungsten will ship the physical cube to the owner. Currently, the highest bid on OpenSea is 6 ETH ($25'000).
I am having a hard time explaining to my wife why I spent CHF 500 on a 2-inch tungsten cube that does nothing at all – aside from just being heavy. Nonetheless, it will without a doubt be a prized possession on my trading desk.
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