A leading asset manager analyzes the rising Bitcoin Ordinals market.
Global investment giant Franklin Templeton has weighed in on the latest buzz around Bitcoin Ordinals.
In a report titled “The Rise of Bitcoin Ordinals,” the company's digital assets arm, Franklin Templeton Digital Assets, examined the impact of this technology on the Bitcoin network.
Turns and Runs: Bitcoin's New Wave of Innovation
Franklin Templeton highlights the “Renaissance” in Bitcoin development inspired by Ordinals, new token standards (BRC-20, Runes), Layer 2 solutions and Diffie applications. Queues, a method for directly mapping data onto the Bitcoin blockchain, have exploded in popularity. This innovation will increase NFT activity on the network.
In addition, Franklin Templeton Digital Assets noted the proliferation of standard sets in terms of volume and market capitalization in the NFT market. NodeMonkes, Runestone, Bitcoin Puppets, Ordinal Maxi Biz and Bitmap are the top 5 clusters, according to the report.
According to the company's market analysis, Bitcoin-based NFTs have surpassed their Ethereum counterparts in terms of growth by several times since November 2023. A significant point from this analysis is the performance of Bitcoin Ordinals, which secured a 50% market share in December 2023. .
Read more: Top 5 BRC-20 systems to trade in 2024
Although the report mainly focused on Bitcoin Ordinals, the crypto community was also excited to see Runes mentioned.
“Glad to see Runes are on their radar,” wrote Leonides, a member of the Orthodox community.
Runes is a funky token standard from Bitcoin developer Casey Rodermore. He is the one who generates the ideas of the leaders. The Rune Protocol is set to launch on the Bitcoin mainnet following the upcoming halving.
Speaking about the optimism in Bitcoin Ordinals, Ballot founder Bobby Lee expressed his opinion in an August 2023 BEncrypto interview. He sees Ordinal as evidence of Bitcoin's open, permissionless nature.
“I think [Ordinals] It shows that Bitcoin is for everyone,” said Bobby Lee.
In a previous report, Franklin Templeton suggested a general recovery of the NFT market by the end of 2023. According to their analysis, the recovery is largely due to Bitcoin's price rally and normal activity.
However, despite the optimism, the value of ORDI, which is associated with Ordinals, has seen a 32.4% decline over the past 30 days.
Read more: Bitcoin NFTs: Everything you need to know about the tokens
Franklin Templeton's new look at digital assets confirms growing institutional interest in Bitcoin and related digital assets.
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