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

In this weeks newsletter, have a look at Glassnode data that shows nonfungible token (NFT) protocol Bitcoin Ordinals might not be clogging the network. Read about British political leaders utilizing the metaverse to talk about opportunities and difficulties in Web3, and find out why Rolling Stone states NFTs are “lastly completely useless.” And dont forget this weeks Nifty News, featuring world-renowned artist Takashi Murakami saying he may not release anymore NFTs. U.K. political leaders wear metaverse avatars as they share Web3 roadmapPoliticians in the United Kingdom collected in the metaverse on Sept. 20 to set out a vision for the countrys Web3 and blockchain market. The event included 8 British Lords, political leaders and global leaders discussing both the opportunities and difficulties that the growth of Web3 technology might bring. According to Natalie Elphicke, a member of parliament who appeared with an unique avatar in the metaverse, Web3 “reimagines the very material of the web,” representing a paradigm shift. Continue readingBitcoin Ordinals have not wrestled blockspace from cash TXs: GlassnodeData from on-chain analytics firm Glassnode shows that regardless of concerns the NFT-like Bitcoin Ordinals protocol is obstructing the Bitcoin network, theres little evidence to prove it. According to Glassnode, engraving users tend to set low charge rates, showing they are more ready to wait longer for verification. “Inscriptions seem purchasing and taking in the cheapest available blockspace, and are readily displaced by more urgent monetary transfers,” the company discussed in its on-chain report. Continue readingNFTs are “absolutely useless” states mainstream media, neighborhood respondsMedia outlet Rolling Stone has actually stated that NFTs are “lastly totally worthless” in a recent report. The firm cited the findings of a DappGambl study on the NFT landscape. According to the data, as much as 95% of NFTs owned by over 23 million users have no worth at all. Members of the neighborhood responded to the report, with some showing previous posts from the media outlet that promoted the Bored Ape Yacht Club collection. The neighborhood member highlighted the extreme shift in the media story concerning NFTs. Continue readingNifty News: Murakami to step back from NFTs, Dan Harmons NFT show debut and moreJapanese artist Takashi Murakami has just recently said he may not release anymore NFTs after entering the marketplace in 2021. The artist said in an interview with The Guardian that maybe he is “done launching NFTs.” Murakamis NFT collection Murakami.Flowers produced over $40 million in secondary trading volume, according to data from NFT market OpenSea. Meanwhile, NFT artist Danny Casale just recently won a multimillion-dollar agreement dispute with a Web3 art curator called DigiArt. DigiArt sued Casale in March 2023 for supposedly breaching their contract after releasing his own NFT task. Nevertheless, a judge has taken the artists side as there was no contract start date specified. Continue readingCHECK OUT COINTELEGRAPHS NFT STEEZ PODCASTThanks for reading this absorb of the weeks most notable developments in the NFT area. Come once again next Wednesday for more reports and insights into this actively developing area.

Continue readingNifty News: Murakami to step back from NFTs, Dan Harmons NFT show debut and moreJapanese artist Takashi Murakami has just recently said he may not launch any more NFTs after going into the market in 2021. Murakamis NFT collection Murakami.Flowers produced over $40 million in secondary trading volume, according to information from NFT market OpenSea. NFT artist Danny Casale recently won a multimillion-dollar contract disagreement with a Web3 art curator called DigiArt. Continue readingCHECK OUT COINTELEGRAPHS NFT STEEZ PODCASTThanks for reading this digest of the weeks most noteworthy developments in the NFT space.

Other Questions People Ask

What role do UK politicians play in the metaverse according to the Nifty Newsletter?

UK politicians are actively engaging in the metaverse to discuss the future of Web3 and blockchain technology. During a recent event, eight British Lords and other political leaders gathered to outline their vision for the country's digital landscape. Natalie Elphicke, a member of parliament, emphasized that Web3 represents a significant shift in how the internet operates, showcasing the importance of political involvement in this emerging space.

How does mainstream media's view on NFTs contrast with UK politicians entering the metaverse?

Mainstream media, particularly Rolling Stone, has labeled NFTs as "absolutely useless," citing a study indicating that 95% of NFTs lack value. This starkly contrasts with the proactive stance of UK politicians who are exploring the metaverse and its potential benefits for society. While politicians are focusing on leveraging Web3 for innovation and growth, media narratives often highlight skepticism and disillusionment regarding NFTs.

What insights does Glassnode provide about Bitcoin Ordinals in relation to NFTs?

Glassnode's analysis suggests that Bitcoin Ordinals, often associated with NFTs, are not significantly hindering the Bitcoin network's performance. The data indicates that users engaging with this protocol tend to set lower transaction fees, allowing them to wait longer for confirmations. This finding challenges concerns about network congestion and highlights a more nuanced understanding of how NFTs interact with blockchain technology.

What recent developments in the NFT space were highlighted in the Nifty Newsletter?

The Nifty Newsletter reported on several significant developments, including Takashi Murakami's potential withdrawal from releasing new NFTs after a successful launch in 2021. Additionally, NFT artist Danny Casale recently won a legal dispute against DigiArt, emphasizing the ongoing complexities within the NFT market. These stories illustrate both the challenges and successes faced by artists and creators in the evolving NFT landscape.

How are UK politicians addressing the challenges of Web3 technology in the metaverse?

UK politicians are addressing the challenges of Web3 technology by convening in the metaverse to discuss its implications for society. During their meeting, they explored both opportunities and difficulties associated with blockchain advancements. This proactive approach indicates a recognition of the need for governance and regulation as the digital landscape continues to evolve, ensuring that Web3 can benefit all citizens.