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Activity Is Beginning to Accelerate in the Bitcoin NFT Space: Franklin Templeton

Bitcoin Ordinal collections are beginning to dominate the NFT market, the report said.

Updated Apr 5, 2024, 6:32 p.m. Published Apr 4, 2024, 3:20 p.m.

The Bitcoin network has seen a resurgence in innovation and development in the past year, Franklin Templeton said.
Bitcoin NFTs called Ordinals have seen a surge in trading volume, the report noted.
Ordinal collections are starting to dominate the NFT market.

Bitcoin innovation and development has seen a “renaissance” in activity in the last year, Franklin Templeton Digital Assets said in an April report.

This innovation has been driven mainly by non-fungible tokens (NFTs) called Ordinals, new token standards such as BRC-20 and Runes, Bitcoin layer 2s and other Bitcoin decentralized finance (DeFi) primitives, the report said.

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“This activity is starting to accelerate within the Bitcoin NFT space,” wrote Franklin Templeton, noting that Ordinals have seen a sudden increase in trading volume in recent months.

This is reflected by market share data showing an increase in dominance starting in December last year when Bitcoin surpassed rival blockchain Ethereum in NFT trading volume, the investment manager wrote.

“Multiple Ordinal collections are starting to dominate the NFT market in terms of volume and market cap,” the report added.

Will Canny

Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.