The crypto world does not stop giving surprises and not only because of its volatility and how new it is still for many mortals, but also because of everything that revolves around it. In this case, it is a very particular object that is a perfect metaphor for what makes a bitcoin or an NFT (Non-Fungible Token). We are talking about tungsten cubes, a gray metal, between one or two centimeters on each side, 1.7 times denser than lead, extremely heavy for its size and frequently used in a wide range of industrial applications, which concentrates a lot value in something very small.
These gray metal cubes have become a new obsession for many investors. Tungsten, also known as wolfram, wolfram or tungsten, is a chemical element with atomic number 74 and can be found in group 6 of the periodic table of elements. One of the reasons why it became so popular in the world of cryptocurrencies has to do with something that investors rescue: “the unique experience of holding a cube of tungsten”.
As he was able to find out Infobaethe prices fluctuate in an extreme way, as it happens with some cryptocurrencies. Cubes of this particular metal can be purchased for USD 15, while some larger ones exceed USD 3,000.
At a global level, these goods can be purchased on portals such as Amazon or Ebay, while in Argentina they can also be purchased by paying them in pesos. For example, on the Mercado Libre e-commerce platform, a 1-kilo tungsten cube was published for 100,000 pesos.
In this context, the cryptocurrency specialist Florencia Benson told this medium that it is a fashion that “ups and downs”. Likewise, she remarked that what is very attractive about tungsten is that it concentrates a lot of weight in very little matter.
At a global level, these goods can be purchased on portals such as Amazon or Ebay, while in Argentina they can also be purchased by paying them in pesos. For example, a 1-kilo tungsten cube was published on the Mercado Libre e-commerce platform for 100,000 pesos.
It should be noted that it is not an inaccessible or scarce commodity, but rather a very heavy metal that is used for industrial purposes.
“Fashion generates FOMO (acronym in English for ´fear of being left out´´, of missing something). And in that plane, it becomes fashionable, it becomes all the rage and the speed with which it is adopted speaks of the effect that the community has to generate value and to sustain it.Benson said.
According to the sociologist, the reason for the rage over the tungsten cube is explained by what is known as the Network Effect (network effect in Spanish): which is neither more nor less than the effect generated by word of mouth, the generation of a fashion
According to international media, the tungsten furor began with a tweet from the communications director of Coin CenterNeeraj Agrawal, who last October 12 -as a joke- warned about a “shortage” of tungsten.
After her post went viral, according to Coindesk, Midwest Tungsten Service (firm that markets tungsten sheets and tungsten wires for industrial uses, although it also sells the material in the form of cubes) saw a 300% increase in sales of these products and even cleared inventory from its Amazon store.
At the time, the devotion generated among users forced the Illinois manufacturer to brave an unforeseen wave of retail purchases and to evaluate new payment options.
“Midwest Tungsten Service’s stock of tungsten cubes on Amazon is now completely depleted, director of e-commerce Sean Murray told CoinDesk last October.