In this week’s newsletter, check out Glassnode data showing that non-fungible token (NFT) protocol Bitcoin serial numbers may not be clogging up the network. Learn how UK politicians use virtual worlds to discuss the opportunities and challenges in Web3, and learn why Rolling Stone calls NFTs “ultimately worthless.” Don’t forget this week’s Nifty News, where world-renowned artist Takashi Murakami said he may not release any more NFTs.
UK politicians wear virtual avatars as they share Web3 roadmap
On September 20, British politicians gathered in the virtual world to formulate a vision for the country’s Web3 and blockchain industry. Eight members of the UK House of Lords, politicians and global leaders attended the gathering to discuss the opportunities and challenges that the development of Web3 technology may bring.
According to Congresswoman Natalie Elphicke, who appears as a unique incarnation in the virtual universe, Web3 “reimagines the fabric of the Internet” and represents a paradigm shift.
continue reading
Bitcoin ordinal yet to compete for block space from currency transactions: Glassnode
Data from on-chain analytics firm Glassnode shows that despite concerns that the NFT-like Bitcoin Ordinals protocol is clogging the Bitcoin network, there is little evidence to prove this. According to Glassnode, Inscription users tend to set lower rates, indicating they prefer to wait longer for confirmations.
“Inscription appears to be purchasing and consuming the cheapest available block space and is easily replaced by more urgent currency transfers,” the company explained in its on-chain report.
continue reading
Mainstream media calls NFT “completely worthless,” community responds
The media “Rolling Stone” declared in a recent report that NFTs are “ultimately worthless.” The company cited DappGambl’s research on the NFT landscape. Data shows that up to 95% of the NFTs owned by more than 23 million users have no value at all.
Community members responded to the report, some showing previous media articles promoting the Bored Ape Yacht Club series. Members of the community highlighted the dramatic shift in the media narrative around NFTs.
continue reading
Naughty news: Takashi Murakami quits NFT, Dan Harmon’s NFT show debut, etc.
Japanese artist Takashi Murakami recently stated that he may not issue any more NFTs after entering the market in 2021. In an interview with The Guardian, the artist said that perhaps he “is no longer issuing NFTs.” According to data from NFT marketplace OpenSea, Murakami’s NFT series Murakami.Flowers generated more than $40 million in secondary trading volume.
Meanwhile, NFT artist Danny Casale recently won a multimillion-dollar contract dispute with Web3 art curator DigiArt. DigiArt sued Casale in March 2023, alleging breach of contract after launching its own NFT project. However, since no start date for the contract was specified, the judge sided with the artist.
continue reading
View Cointelegraph’s NFT Stitz podcast
Thanks for reading this week’s summary of the most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing area.
Svlook
