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2024-05-06

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In this week’s newsletter, check out Glassnode data that shows nonfungible token (NFT) protocol Bitcoin Ordinals may not be clogging the network. Read about British politicians using the metaverse to discuss opportunities and challenges in Web3, and find out why Rolling Stone says NFTs are “finally totally worthless.” And don’t forget this week’s Nifty News, featuring world-renowned artist Takashi Murakami saying he might not release any more NFTs. U.K. politicians don metaverse avatars as they share Web3 roadmapPoliticians in the United Kingdom gathered in the metaverse on Sept. 20 to set out a vision for the country’s Web3 and blockchain industry. The gathering included eight British Lords, politicians and global leaders speaking about both the opportunities and challenges that the growth of Web3 technology could bring. According to Natalie Elphicke, a member of parliament who appeared with a unique avatar in the metaverse, Web3 “reimagines the very fabric of the internet,” representing a paradigm shift. Continue readingBitcoin Ordinals haven’t wrestled blockspace from money TXs: GlassnodeData from on-chain analytics firm Glassnode shows that despite concerns the NFT-like Bitcoin Ordinals protocol is clogging the Bitcoin network, there’s little evidence to prove it. According to Glassnode, inscription users tend to set low fee rates, showing they are more willing to wait longer for confirmation. “Inscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers,” the firm explained in its on-chain report. Continue readingNFTs are “totally worthless” says mainstream media, community respondsMedia outlet Rolling Stone has declared that NFTs are “finally totally worthless” in a recent report. The firm cited the findings of a DappGambl study on the NFT landscape. According to the data, up to 95% of NFTs owned by over 23 million users have no value at all. Members of the community responded to the report, with some showing previous articles from the media outlet that promoted the Bored Ape Yacht Club collection. The community member highlighted the drastic shift in the media narrative regarding NFTs. Continue readingNifty News: Murakami to step back from NFTs, Dan Harmon’s NFT show debut and moreJapanese artist Takashi Murakami has recently said he might not release any more NFTs after entering the market in 2021. The artist said in an interview with The Guardian that maybe he is “done releasing NFTs.” Murakami’s NFT collection Murakami.Flowers generated over $40 million in secondary trading volume, according to data from NFT marketplace OpenSea. Meanwhile, NFT artist Danny Casale recently won a multimillion-dollar contract dispute with a Web3 art curator called DigiArt. DigiArt sued Casale in March 2023 for allegedly breaching their contract after launching his own NFT project. However, a judge has taken the artist’s side as there was no contract start date specified. Continue readingCHECK OUT COINTELEGRAPH’S NFT STEEZ PODCASTThanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.Bitcoin Ordinals haven’t wrestled blockspace from money TXs: Glassnode Metamask developer Consensys has made a formal request to extend the deadline for the implementation of the IRS broker reporting rules, as per a tweet from the company’s lawyer, Bill Hughes. Hughes revealed on Monday that Consensys had submitted a letter to the U.S. Department of the Treasury and the Internal Revenue Service (IRS), requesting two critical modifications to the proposed regulations. cash cryptocurrencyOn October 3, 2023, at block height 810,432, the Bitcoin network experienced its second consecutive difficulty increase since September 19. The challenge of uncovering block rewards escalated as the difficulty reached a new pinnacle, rising by 0.35% to 57.32 trillion on Tuesday. Fast Forkast

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David Lavecky: Australia has been relatively proactive in providing a regulatory framework for digital assets, including cryptocurrencies. The Australian Securities and Investments Commission (ASIC) and other regulatory bodies have issued guidelines that offer some clarity for businesses operating in the digital asset space. This stands in contrast to the more uncertain regulatory environment in the United States, where the SEC's heightened scrutiny has led some companies to seek more crypto-friendly jurisdictions. Back in our July edition, we announced Satlantis, an independent Minecraft server run by the game’s fans, enabled players to earn Bitcoin by completing in-game quests using play-to-earn functionalities. We noted Minecraft developer Mojangs previous NFT ban and concluded, Time will show how this integration fairs against the ban. How to Buy Tether (USDT)-HODL or Trade CryptoFinancial Inclusion: Retail stablecoins can play an important role in increasing financial inclusion, particularly in areas where traditional banking services are unavailable. Hong Kong's hesitation may stymie efforts to foster financial inclusivity via digital currencies. Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits

You might also like: HKMA chief executive talks crypto regulation How do You Know When an ICO Goes Live? How to buy cryptocurrency in New MexicoIssues such as forking, network latency, smart contract vulnerabilities and 51% attacks prevent blockchain transactions from achieving finality. Sustainability

Even with a decrease in monthly users, Axie has logged $4.28 billion in NFT sales over 20.32 million transactions. However, figures from defillama.com indicate that the total value locked (TVL) on Ronin has seen a significant decline. On December 3, 2021, Ronin’s TVL peaked at $1.487 billion, but it has since fallen to $61 million. SBF seeks to probe FTX lawyers’ roles in $200M Alameda loans Ripple (XRP) price, market cap|$0.482949|ChartSource: Shiba Inu Twitter General Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.Another Friend.tech User Loses Entire Portfolio to Phishing Scam

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