On September 20, politicians in the United Kingdom came together in the metaverse to discuss the country's Web3 and blockchain industry. This gathering included British Lords, politicians, and global leaders, who shared their thoughts on the opportunities and challenges that come with the growth of Web3 technology. According to Natalie Elphicke, a member of parliament who appeared in the metaverse as a unique avatar, Web3 represents a paradigm shift that reimagines the internet.
Glassnode data suggests Bitcoin Ordinals aren't clogging the network
Concerns about the NFT-like Bitcoin Ordinals protocol clogging the Bitcoin network may be unfounded, according to data from Glassnode, an on-chain analytics firm. Glassnode reports that users of the protocol tend to set low fee rates, indicating their willingness to wait longer for confirmation. The firm explained that these users appear to be buying and consuming the cheapest blockspace available, and are easily displaced by more urgent monetary transfers.
Rolling Stone declares NFTs "totally worthless," sparking community response
Rolling Stone, a media outlet, recently published a report stating that NFTs are "finally totally worthless." The report references a study by DappGambl on the NFT landscape, which found that up to 95% of NFTs owned by over 23 million users have no value at all. The NFT community has responded to this assertion by highlighting previous articles from Rolling Stone that promoted the Bored Ape Yacht Club collection, showcasing a significant shift in the media narrative surrounding NFTs.
Takashi Murakami suggests he may not release more NFTs
Japanese artist Takashi Murakami, who entered the NFT market in 2021, recently stated in an interview with The Guardian that he might be "done releasing NFTs." Murakami's NFT collection, Murakami.Flowers, generated over $40 million in secondary trading volume on the NFT marketplace OpenSea. In other NFT news, artist Danny Casale emerged victorious in a contract dispute with Web3 art curator DigiArt, with a judge ruling in Casale's favor due to a lack of specified contract start date.
Thank you for joining us for this week's NFT news. Check back next Wednesday for more updates on this rapidly evolving space.
