British politicians ventured into the metaverse on September 20 to outline their vision for the United Kingdom’s Web3 and blockchain industry. The gathering included the participation of eight British Lords, politicians, and global leaders who explored the opportunities and challenges presented by the growth of Web3 technology.
Natalie Elphicke, a member of parliament, made her appearance in the metaverse with a unique avatar and emphasized that Web3 is a reimagination of the very essence of the internet, signifying a paradigm shift.
Bitcoin Ordinals Protocol: Network Impact Debunked
Despite concerns that the NFT-like Bitcoin Ordinals protocol was congesting the Bitcoin network, data from on-chain analytics firm Glassnode suggests otherwise. Glassnode’s analysis indicates that users of the protocol tend to set low fee rates, indicating their willingness to wait for longer confirmation times.
Glassnode explained that users of Bitcoin Ordinals are choosing to purchase and utilize the most cost-effective blockspace available, and they can be easily displaced by more time-sensitive monetary transfers.
NFTs Declared “Totally Worthless” by Rolling Stone
Rolling Stone, the renowned media outlet, has published a report asserting that NFTs are “finally totally worthless.” The declaration was based on findings from a study by DappGambl on the NFT landscape. According to the data, up to 95% of NFTs owned by over 23 million users have zero value.
This assessment has elicited responses from the NFT community, with some highlighting previous articles from Rolling Stone that promoted collections like the Bored Ape Yacht Club. This underscores the stark shift in media narratives surrounding NFTs.
Takashi Murakami Contemplates Future NFT Releases
Japanese artist Takashi Murakami, who entered the NFT market in 2021, has expressed uncertainty about releasing more NFTs. In an interview with The Guardian, the artist mentioned that he might be “done releasing NFTs.” Murakami’s NFT collection, Murakami.Flowers, generated over $40 million in secondary trading volume, according to data from NFT marketplace OpenSea.
NFT Artist Danny Casale Prevails in Contract Dispute
NFT artist Danny Casale recently emerged victorious in a multimillion-dollar contract dispute with a Web3 art curator named DigiArt. DigiArt had sued Casale in March 2023, alleging a contract breach after Casale launched his own NFT project. However, the judge ruled in favor of the artist, citing the absence of a specified contract start date.
