UK politicians enter the metaverse, mainstream media says NFTs are worthless: Nifty Newsletter

British politicians went to the metaverse to discuss the benefits and potential challenges that Web3 technology brings.

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.

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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.

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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, 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.

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Nifty News: Murakami to step back from NFTs, Dan Harmon’s NFT show debut and more

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 “done releasing NFTs.” Murakami’s NFT collection Murakami.Flowers generated over $40 million in secondary trading volume, according to data from NFT marketplace OpenSea.

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’s side as there was no contract start date specified.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.