Bitcoin Ordinals: Not the Network Clog We Expected
Recent analysis from Glassnode has revealed that contrary to popular belief, the Bitcoin Ordinals protocol isn’t exactly wreaking havoc on the blockchain network. Thank goodness, right? The report indicates that users of this NFT-like protocol tend to set low fees, which means they’re okay with waiting around for confirmations instead of jumping ahead in the cue for high-priority transactions.
As Glassnode puts it, “Inscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers.” So, while we all might be wringing our hands over network congestion, it seems the Bitcoin boys (and girls) are playing nice.
UK Politicians Take a Stroll in the Metaverse
In a bizarre twist of political strategy, British politicians decided it was high time to put on their metaverse avatars and discuss the roadmap for the country’s Web3 and blockchain industry. Gathered in this wild digital realm were eight Lords and other political bigwigs who addressed the perks and pitfalls of Web3 technology.
Natalie Elphicke, a Parliament member and proud avatar owner, stated that Web3 “reimagines the very fabric of the internet.” Because if our actual government can’t get things done, let’s hold meetings in imaginary worlds, right?
Media Claims NFTs are “Totally Worthless” – oof!
Rolling Stone has made headlines with its recent declaration that NFTs are “finally totally worthless.” Imagine the disappointment of all those digital art collectors! In a study from DappGambl, it was reported that a staggering 95% of NFTs owned by over 23 million users hold absolutely no value. Yikes!
The community reaction? Let’s just say they weren’t too thrilled. Some pointed out that Rolling Stone had previously praised the Bored Ape Yacht Club. Talk about a massive drop in the media’s mood!
Artist Takashi Murakami Considers Stepping Back from NFTs
In our infamous Nifty News lineup, Takashi Murakami has hinted he might hang up his digital brushes for good. The well-known Japanese artist mused in a recent interview that he may be “done releasing NFTs” after his successful 2021 debut. His collection, Murakami.Flowers, brought in over $40 million in secondary trading volume. Not too shabby!
Additionally, Danny Casale, another NFT artist, came out on top in a court case against DigiArt, which had sued him over a contract dispute. Turns out there were more loose ends than a bad sweater! The lack of a defined contract start date worked in his favor, and we can all raise a digital glass to that victory.
Wrap Up for This Week
Thanks for catching this adventurous journey through the whirlwind of NFT developments this week. See you next Wednesday for more updates as we dive deeper into this ever-evolving universe of digital collectibles!
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