Tungsten cubes are the latest fad in the crypto-verse, and this is not a code word for a new kind of token: we are talking about surprisingly heavy, hard metal cubes.
What Happened: According to a Friday Decrypt report, tungsten cubes have taken the cryptocurrency community by storm, with many on crypto Twitter admitting they’ve ordered one.
For apparently no logical reason, many household crypto names such as Bloomberg host Joe Weisenthal or CoinShares CSO Meltem Demirors are sharing their opinions about tungsten cubes — a 4-inch cube that weighs over 40 pounds.
Coin Metrics co-founder Nic Carter shared screenshots of an Amazon Inc. (NASDAQ:AMZN) page for the product that shows that there are only three 4-inch remaining tungsten cubes despite the $2,999 price tag. He said that “all the reviews are just like ‘yep, it’s heavy. Does what it says on the tin.”
Product reviews reveal that customers use it as an expensive paperweight, enjoy lifting it and smashing other objects with it — all things that the proprieties of tungsten make such cubes exceptional for. Demirors, a happy owner of such a cube, suggested that a tokenized version is coming as well since she got three messages about it yesterday already.
Former executive director at the Zcash Foundation — the firm that created Zcash (CRYPTO: ZEC) — Josh Cincinnati suggested that the tungsten cube craze may negatively impact the prices of non-fungible tokens (NFTs). He wrote: “imagine billions of dollars exiting the crypto-circular jpeg economy to buy tungsten cubes.”