In this week’s newsletter, check out Glassnode data that shows nonfungible token (NFT) 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 “finally totally worthless.” And don’t forget this week’s Nifty News, featuring world-renowned artist Takashi Murakami saying he might not release any more NFTs.
U.K. politicians don metaverse avatars as they share Web3 roadmap
Politicians in the United Kingdom gathered in the metaverse on Sept. 20 to set out a vision for the country’s 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.
According to Natalie Elphicke, a member of parliament who appeared with a unique avatar in the metaverse, Web3 “reimagines the very fabric of the internet,” representing a paradigm shift.
Bitcoin Ordinals haven’t wrestled blockspace from money TXs: Glassnode
Data from on-chain analytics firm Glassnode shows that despite concerns the NFT-like Bitcoin Ordinals protocol is clogging the Bitcoin network, there’s 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.
“Inscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers,” the firm explained in its on-chain report.
NFTs are “totally worthless” says mainstream media, community responds
Media outlet Rolling Stone has declared that NFTs are “finally totally worthless” 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.
Members of the community responded to the report,…