UK politicians embrace the metaverse to discuss Web3 opportunities
On September 20, prominent politicians in the United Kingdom came together in the metaverse to express their vision for the country’s Web3 and blockchain industry. The event featured eight British Lords, politicians, and global leaders who explored the potential opportunities and challenges associated with the growth of Web3 technology.
Natalie Elphicke, a member of parliament, made a unique appearance in the metaverse through her avatar, emphasizing that Web3 represents a fundamental transformation of the internet. She described it as a paradigm shift that allows for the reimagining of the very fabric of the online world.
The metaverse gathering generated significant interest among participants as it provided a platform to share insights and set out a roadmap for the future of the UK’s Web3 industry. It served as a valuable opportunity for key stakeholders to shape policies and strategies that can drive growth and innovation in the blockchain space.
Glassnode data disproves concerns over Bitcoin Ordinals clogging the network
In the world of nonfungible tokens (NFTs), there has been growing concern that the NFT-like protocol, Bitcoin Ordinals, may be causing congestion on the Bitcoin network. However, on-chain analytics firm Glassnode has analyzed the data and found little evidence to support this claim. Glassnode highlighted that inscription users tend to set relatively low fee rates, indicating their willingness to wait for longer confirmation times.
According to Glassnode’s on-chain report, “Inscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers.” This suggests that Bitcoin Ordinals are not overtaking blockspace previously used for monetary transactions.
Rolling Stone claims NFTs are “totally worthless”
In a recent report, Rolling Stone, a prominent media outlet, declared that NFTs are “finally totally worthless.” The article referenced a study conducted by DappGambl, which revealed that up to 95% of the NFTs owned by over 23 million users hold no value.
The NFT community responded strongly to this claim, pointing out previous articles by Rolling Stone that actively promoted the Bored Ape Yacht Club collection. Members of the community highlighted the drastic shift in the media narrative surrounding NFTs, questioning the validity of Rolling Stone’s latest perspective.
Takashi Murakami contemplates stepping back from NFTs
Takashi Murakami, a renowned Japanese artist, recently hinted that he may no longer release any new NFTs. In an interview with The Guardian, Murakami stated that he might be “done releasing NFTs.” This statement comes after his NFT collection, Murakami.Flowers, generated over $40 million in secondary trading volume on the NFT marketplace OpenSea.
Additionally, in the world of NFT art, artist Danny Casale emerged victorious in a multimillion-dollar contract dispute with Web3 art curator DigiArt. The lawsuit was filed by DigiArt in March 2023, alleging a breach of contract by Casale after he launched his own NFT project. However, the judge ruled in favor of Casale due to the absence of a specified contract start date.
The NFT landscape continues to evolve, with prominent artists and media outlets offering diverse perspectives on this burgeoning market. As the industry matures, it remains vital to monitor the latest developments to gain a comprehensive understanding of the NFT space.
Thank you for reading this week’s comprehensive summary of noteworthy events in the NFT industry. Join us again next Wednesday for further reports and insights on this rapidly evolving field.
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