<\/p>\n
In this week\u2019s newsletter, check out Glassnode data that shows nonfungible token (NFT)<\/a> protocol Bitcoin Ordinals may not be clogging the network. Read about British politicians using the metaverse to discuss opportunities and challenges in Web3, and find out why Rolling Stone says NFTs are \u201cfinally totally worthless.\u201d And don\u2019t forget this week\u2019s Nifty News, featuring world-renowned artist Takashi Murakami saying he might not release any more NFTs.\u00a0<\/p>\n Politicians in the United Kingdom gathered in the metaverse on Sept. 20 to set out a vision for the country\u2019s Web3 and blockchain industry. The gathering included eight British Lords, politicians and global leaders speaking about both the opportunities and challenges that the growth of Web3 technology could bring. <\/p>\n According to Natalie Elphicke, a member of parliament who appeared with a unique avatar in the metaverse, Web3 \u201creimagines the very fabric of the internet,\u201d representing a paradigm shift. <\/p>\n Continue reading<\/strong><\/a><\/p>\n Data from on-chain analytics firm Glassnode shows that despite concerns the NFT-like Bitcoin Ordinals protocol is clogging the Bitcoin network, there\u2019s little evidence to prove it. According to Glassnode, inscription users tend to set low fee rates, showing they are more willing to wait longer for confirmation. <\/p>\n \u201cInscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers,\u201d the firm explained in its on-chain report. <\/p>\n Continue reading<\/strong><\/a><\/p>\n Media outlet Rolling Stone has declared that NFTs are \u201cfinally totally worthless\u201d in a recent report. The firm cited the findings of a DappGambl study on the NFT landscape. According to the data, up to 95% of NFTs owned by over 23 million users have no value at all. <\/p>\n Members of the community responded to the report, with some showing previous articles from the media outlet that promoted the Bored Ape Yacht Club collection. The community member highlighted the drastic shift in the media narrative regarding NFTs. <\/p>\n Continue reading<\/strong><\/a><\/p>\n Japanese artist Takashi Murakami has recently said he might not release any more NFTs after entering the market in 2021. The artist said in an interview with The Guardian that maybe he is \u201cdone releasing NFTs.\u201d Murakami\u2019s NFT collection Murakami.Flowers generated over $40 million in secondary trading volume, according to data from NFT marketplace OpenSea. <\/p>\n 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 their contract after launching his own NFT project. However, a judge has taken the artist\u2019s side as there was no contract start date specified. <\/p>\nU.K. politicians don metaverse avatars as they share Web3 roadmap<\/h2>\n
Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode<\/h2>\n
NFTs are \u201ctotally worthless\u201d says mainstream media, community responds<\/h2>\n
Nifty News: Murakami to step back from NFTs, Dan Harmon\u2019s NFT show debut and more<\/h2>\n