UK politicians enter the metaverse, mainstream media says NFTs are worthless: Nifty Newsletter
NFTs and Web3 were hot topics this week in the world of cryptocurrency. In our newsletter, we highlighted some interesting developments, including the use of metaverse avatars by UK politicians to discuss the future of Web3, the perceived impact of Bitcoin Ordinals on network clogging, the controversial statement made by Rolling Stone declaring NFTs as “totally worthless,” and Japanese artist Takashi Murakami’s decision to potentially step back from releasing more NFTs.
The gathering of UK politicians in the metaverse was a significant event as they discussed the opportunities and challenges that Web3 technology could bring to the country. Natalie Elphicke, a member of parliament, described Web3 as a revolutionary concept that reimagines the very fabric of the internet. The use of metaverse avatars showcased their commitment to embracing and understanding emerging technologies.
There were concerns about Bitcoin Ordinals protocol potentially clogging the Bitcoin network. However, data from Glassnode, an on-chain analytics firm, suggests otherwise. According to Glassnode, users of the inscription protocol tend to set low fee rates, indicating their willingness to wait longer for confirmations. This suggests that there is little evidence to prove that Bitcoin Ordinals are causing network congestion, as they are displaced by more urgent monetary transfers.
In a surprising turn of events, Rolling Stone published an article claiming that NFTs are “finally totally worthless.” Their statement was based on findings from a DappGambl study that revealed up to 95% of NFTs owned by over 23 million users have no value at all. This declaration sparked a response from the NFT community, who pointed out previous articles from Rolling Stone that promoted specific NFT collections. This highlights the drastic shift in media narratives surrounding NFTs and the ongoing debate about their value and longevity.
Renowned artist Takashi Murakami, known for his vibrant and whimsical art, made headlines when he expressed uncertainty about releasing more NFTs. In an interview with The Guardian, Murakami mentioned that he might be “done releasing NFTs” after his NFT collection, Murakami.Flowers, generated over $40 million in secondary trading volume. This decision could have implications for the NFT market, as Murakami’s popularity and influence have attracted significant attention to the space.
Additionally, in our Nifty News section, we highlighted a contract dispute between NFT artist Danny Casale and a Web3 art curator called DigiArt. Casale emerged victorious in the legal battle as the judge ruled in his favor due to the lack of a specified contract start date. This case underscores the importance of clear contractual agreements in the NFT space.
As the NFT market continues to evolve, it is essential to stay informed about the latest developments and trends. Our newsletter provides a curated digest of noteworthy news and insights in this actively evolving space. Don’t forget to check out our NFT Steez podcast for more in-depth discussions on the world of NFTs. Join us next week for another exciting update on the NFT landscape.
