According to Cointelegraph, politicians in the United Kingdom gathered in the metaverse on September 20 to discuss the country's Web3 and blockchain industry. The event included eight British Lords, politicians, and global leaders speaking about the opportunities and challenges that the growth of Web3 technology could bring. Natalie Elphicke, a member of parliament who appeared with a unique avatar in the metaverse, stated that Web3 'reimagines the very fabric of the internet,' representing a paradigm shift.

In other news, data from on-chain analytics firm Glassnode indicates that despite concerns that the nonfungible token (NFT)-like Bitcoin Ordinals protocol is clogging the Bitcoin network, there is little evidence to support this. Glassnode reported that inscription users tend to set low fee rates, demonstrating that they are more willing to wait longer for confirmation. The firm explained in its on-chain report that 'inscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers.'

Additionally, Rolling Stone recently declared that NFTs are 'finally totally worthless,' citing a DappGambl study on the NFT landscape. The data revealed that 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 pointing out previous articles from the media outlet that promoted the Bored Ape Yacht Club collection and highlighting the drastic shift in the media narrative regarding NFTs.