Decoding NFT Network Traffic, Web3 Prospects, Market Valuation, and Notable Artists' Moves
Summary:
This article covers various developments in the NFT and blockchain sector, including data from Glassnode suggesting that the NFT protocol, Bitcoin Ordinals, may not congest the network. It delves into the British politicians' use of the metaverse to discuss the future of Web3 and blockchain. The article notes Rolling Stone's declaration of NFTs as 'worthless' and explores responses to the claim. Moreover, it highlights artist Takashi Murakami's speculated exit from the NFT market and Danny Casale's contract dispute win.
Explore the latest updates in our newsletter, including Glassnode's revealing data that the nonfungible token (NFT) protocol, Bitcoin Ordinals, may not be congesting the network as much as thought. Discover how British political leaders are utilizing the metaverse space to delve into the prospects and hurdles of Web3, and learn why Rolling Stone magazine has labelled NFTs as unavoidably 'worthless'. Don't miss our weekly Nifty News spotlight: this week noting globally acclaimed artist Takashi Murakami's potential withdrawal from creating further NFTs.
On September 20th, political figures across the U.K. congregated in the metaverse to draw up plans for the future of Britain's Web3 and blockchain sector. The virtual assembly consisted of eight British Lords, politicians, and international leaders contemplating both the potential benefits and trials linked to the advancement of Web3 technology. Parliament member Natalie Elphicke, who appeared with her avatar, recognizes that Web3 notably transforms the fundamental structure of the internet, marking a revolutionary pivot.
Fresh findings from blockchain analytics company Glassnode disclose that despite apprehensions that the NFT-akin Bitcoin Ordinals protocol is overfilling the Bitcoin network, there's miniscule indication to support it. The data deduced by Glassnode reveals that inscription users tend to opt for lower fees, indicating they are content with extended confirmation times. The firm concluded that inscriptions are purchasing the most affordable blockspace available, willingly giving way to more pressing monetary transfers.
Media giant Rolling Stone recently proclaimed NFTs as unequivocally 'worthless', referring to a report by DappGambl that investigates the NFT landscape. The study disclosed that up to 95% of NFTs belonging to over 23 million users hold no value whatsoever. The community response has been varied, with some pointing to prior Rolling Stone articles that advocated for the Bored Ape Yacht Club collection, highlighting the radical progression of media perspective towards NFTs.
In other Nifty News, Japanese artist Takashi Murakami has suggested a possible withdrawal from releasing further NFTs, after first joining the market in 2021. In an interview with The Guardian, he mooted that he may cease launching NFTs. Murakami's NFT series, Murakami.Flowers, has driven over $40 million in secondary trading volume, as per OpenSea data. In stark contrast, artist Danny Casale had a multi-million dollar contract disagreement victory against Web3 art examiner, DigiArt. DigiArt initially sued Casale in March 2023 for alleged contract infringement upon launching his own NFT venture. However, the judge sided with the artist due to a lack of specified contract start date.
Be sure to revisit our COINTELEGRAPH'S NFT STEEZ PODCAST and join us again next Wednesday for more exciting news and insights from the rapidly-evolving NFT realm.
Published At
9/27/2023 7:00:00 PM
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