TungstenDAO

The NFT ecosystem is undergoing a shift where communities are coming together to form new DAOs that represent their collective ideals and vision. Since most of the blue-chip NFTs and 1/1s are beyond the reach of most collectors, collective ownership provides an opportunity to have limited financial exposure and gives more meaning to rare and historical pieces that end up locked in DAO vaults. TungstenDAO is a newly formed initiative to collect the most iconic and memeable assets, with an opportunity for members to create new content, further increasing the relevance and presence of the DAO. 

The DAO originated on October 23 with the listing of a meme NFT on Foundation entitled ‘The Density is Astounding’. Which received bids from notable collectors in the space and was won by anonymous user 12yr Old With A Credit Card for 42 ETH.

We contacted 12yr Old With A Credit Card to get his take on the purchase. Their only response “TungstenDAO is Dense”

The TungstenDAO treasury kicked off with several donations and currently consists of one Seaham, one CryptoPochi, three Rare Pepe cards and 1 ETH contributed by initial members. Their second meme to be auctioned was named ‘Island Flexing,’ based on the Tik Tok account of two mumble rappers from Florida, and was quickly snapped up for 38 ETH. 

The treasury is gaining traction as donations of three DickButts and two CryptoFlyz and other various NFTs are piling in, which is also a speculative method for membership in the DAO. 

TungstenDAO is currently operated and coordinated on a private members-only telegram group. Once meme minting reaches 30 auctions, the group will migrate to on-chain governance and form a treasury for a DAO to be controlled by members, with each meme having voting rights. It is interesting to note that there is no discrepancy between original and new members. 

TungstenDAO is less than a week old and it has already set itself up as a functioning meme economy. Prominent collectors have advocated the project, giving a new organization a significant marketing boost. 

Since there is no website at the time of writing we are relying on Twitter for most of the developments and information. Unsurprisingly, we found several spinoff projects, mostly on Solana, with a similar cube theme (Rugsten, Tungsten Cube NFT).