UK Politicians Enter Metaverse, Mainstream Media Says NFTs Are Worthless: Nifty Newsletter

In this week's newsletter, see Glassnode data showing that non-fungible token (NFT) protocol Bitcoin Ordinals may not be clogging up the network. Read about British politicians using metaphor to discuss opportunities and challenges on Web3, and learn that Rolling Stone says NFTs are “ultimately worthless.” And don't forget this week's Nifty news involving world famous artist Takashi Murakami saying he may not release any more NFTs.

UK politicians donate Metaverse avatars as they share Web3 roadmap

Politicians in the United Kingdom gathered in Metavas on September 20 to set a vision for the country's Web3 and blockchain industry. At the meeting, eight British dignitaries, politicians and global leaders spoke about the opportunities and challenges that the development of Web3 technology will bring.

According to MP Natalie Elficky, who has emerged as a unique figure in the metaverse, Web3 represents a paradigm shift as it “reimagines the structure of the internet”.

Continue reading

Bitcoin Ordinals Don't Fight Money TXs: Glassnode Blockspace.

While data from on-chain analytics firm Glassnode suggests that the NFT-like Bitcoin Ordinals protocol is clogging up the Bitcoin network, there isn't much evidence to prove it. According to Glassnode, writing users set lower payout rates, indicating that they are more willing to wait longer for verification.

“Graphics appear to be buying and consuming the cheapest blockspace, and are easily displaced by more urgent transactions,” the company explained in its chain report.

Continue reading

NFTs are “absolutely worthless,” the mainstream media says, and the community responds

Media outlet Rolling Stone declared in a recent report that NFTs are “ultimately worthless.” The organization cited the findings of DappGamble's research on the NFT landscape. According to the data, more than 23 million users have up to 95% of NFTs worthless.

Community members responded to the report, with some showing articles from previous media promoting the Board Up Yacht Club collection. A community member highlighted a significant shift in the media narrative regarding NFTs.

Continue reading

Nifty News: Murakami to back off NFTs, Dan Harmon's NFT show debut and more

Japanese artist Takashi Murakami recently said he might not release any NFTs after they hit the market in 2021. In an interview with The Guardian, the artist said he may have “released NFTs.” Murakami's NFT collection Murakami.Flowers generated more than $40 million in secondary trading, according to data from NFT marketplace OpenSea.

Meanwhile, NFT artist Danny Casale recently won a multi-million dollar contract dispute with web3 artist DigiArt. DigiArt sued Casale in March 2023 for breach of contract after DigiArt launched its own NFT project. However, the judge sided with the artist as the start date of the contract was not announced.

Continue reading

Check out the Cointelgraphs NFT SteEZ podcast

Thanks for reading this roundup of the week's most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing space.