In this week’s newsletter, check out Glassnode data showing that non-fungible token (nft) protocol bitcoin Ordinals may not be clogging up the network. Read about British politicians using the metaverse to discuss opportunities and challenges on Web3 and find out why Rolling Stone says NFTs are “ultimately totally useless.” And don’t forget this week’s Nifty News, in which world-renowned artist Takashi Murakami says he may not release any more NFTs.
UK politicians don metaverse avatars as they share Web3 roadmap
UK politicians gathered in the metaverse on September 20 to lay out a vision for the country’s Web3 and blockchain industry. The meeting featured eight British lords, politicians and world leaders who discussed the opportunities and challenges that the growth of Web3 technology could bring.
According to Natalie Elphicke, a member of parliament who appeared in a unique avatar in the metaverse, Web3 “reimagines the very fabric of the Internet,” representing a paradigm shift.
keep reading
bitcoin Ordinals Have Not Fighted Money TX Blockspace: Glassnode
Data from on-chain analytics firm Glassnode shows that despite concerns that the nft-like bitcoin Ordinals protocol is clogging up the bitcoin network, there is little evidence to prove it. According to Glassnode, opt-in users tend to set low fees, showing that they are more willing to wait longer for confirmation.
“Registrations appear to be purchasing and consuming the cheapest block space available, and are easily displaced by more urgent monetary transfers,” the company explained in its on-chain report.
keep reading
NFTs are “totally useless,” say mainstream media, community responds
The media outlet Rolling Stone has declared that NFTs are “ultimately totally useless” in a recent report. The company cited the findings of a DappGambl study on the nft landscape. According to data, up to 95% of NFTs owned by more than 23 million users are worthless.
Community members responded to the report, with some showing previous articles from the media outlet promoting the Bored Ape Yacht Club collection. The community member highlighted the drastic change in the media narrative regarding NFTs.
keep reading
Nifty News: Murakami to step away from NFTs, Dan Harmon’s nft show debut, and more
Japanese artist Takashi Murakami recently said that he may not release any more NFTs after entering the market in 2021. The artist said in an interview with The Guardian that he may be “already done releasing NFTs.” Murakami’s nft collection, Murakami.Flowers, generated more than $40 million in secondary trading volume, according to data from nft marketplace OpenSea.
Meanwhile, nft artist Danny Casale recently won a multimillion-dollar contract dispute with a Web3 art curator called DigiArt. DigiArt sued Casale in March 2023 for allegedly breaching his contract after launching his own nft project. However, a judge sided with the artist since no start date for the contract had been specified.
keep reading
SEE COINTELEGRAPH nft STYLE PODCAST
Thanks for reading this roundup of the week’s most notable developments in the nft space. Check back next Wednesday for more reports and information on this ever-evolving space.
