US firm sells Tungsten cube NFT to sort shipping issues

By Raffaele Redi

Tungsten NFT did not receive any offer in the first few hours

Graphite manufactured products at a modern plant                                 
The tungsten cube NFT sale follows a graphite NFT launched by a green organisation. Photo: Shutterstock
                                

US manufacturer Midwest Tungsten Service is selling a 14-inch, 1,784-pound (809 kg) tungsten cube as an NFT on the platform OpenSea to solve shipping issues.

The NFT, which did not receive any offer in the first few hours, represents a real-world physical cube that will be permanently stored at Midwest Tungsten Service headquarters.

“Our customers recently have been very interested in one of our newer products, the tungsten cube,” said the company, which claimed to have seen a recent surge in interest and reactions on Twitter, YouTube, Instagram and TikTok, and unexpected visits to its facility in the suburbs of Chicago.

It added: “Since 2015, the cube has allowed many to experience tungsten’s startling density first-hand.”

The company will allow the NFT owner one visit to see, photograph or even touch the cube per calendar year. The cube will not be available to view until 10 weeks after the first sale. Subsequent owners of the NFT cannot visit the cube in a year in which the cube has already been visited.

“Since we began selling the cube we have constantly asked ourselves, ‘What is the right size?’, ‘Would anyone buy a bigger cube?’, and ‘What is the biggest cube we can make?’.

“We have an answer that creates a bit of a problem. The answer is 14" and 1,784lb. The problem is, what to do with it if we make it. Shipping and receiving can be a problem. The NFT is the solution,” said the company.

The Graphite NFT

Recently the ABC Legacy Foundation, a ‘green’ non-profit organisation, launched an NFT marketplace to invest in natural resources and physical assets, in partnership with Axis Technologies Group.

The move came after it was gifted 670,000 tons of graphite worth roughly $1bn by Silver Bear, an Alberta, Canada-based corporation.

ABC is offering 200,000 tons of its own non-fungible tokens or Graphite NFTs, a utility NFT token that tokenises the services of graphite mining, on the T8 Exchange Marketplace.

Each Graphite NFT represents the amount of mining labour work on 100 tons of graphite, with each sale supporting the graphite mining and ABC non-fungible token network.

“When a token holder redeems it, he can either receive the refined graphite mineral ex-works or equivalent value in ETHs delivered by ABC. The total ABC NFT issued for this project is only 1,500,” explained the company.

Graphite fundraising project

The minimum fundraising amount of the graphite mining project is $7.5m, with T8 Exchange charging a 2.5% marketplace commission as the NFT mining, gas, and administrative fee.

As the company explained, once the amount has been met, token holders will be able to redeem their Graphite NFTs with either the equivalent amount of graphite mineral product or the equivalent number of ETHs, after holding their Graphite NFTs for at least 36 months.

“When a Graphite NFT is redeemed, the NFT will be burned by being permanently locked into a smart contract, unable to be re-released or spent,” explained the company.

“Funds raised from the issuance of Graphite NFTs will be primarily used to increase efficiency, responsibility and overall graphite production output and improve the token-holder services.

“Raised funds will enable ABC to employ more contractors and allow more graphite minerals to be ethically mined for the investors.”

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