Franklin Templeton's digital assets division has published a note to its investors introducing bitcoin non-fungible tokens (nft), highlighting an increase in activity within the bitcoin ecosystem.
The asset manager attributes this increased momentum to several factors, including the emergence of bitcoin (btc) nfts called Ordinals, the development of new fungible standards such as BRC-20 and Runes, the growth of bitcoin Layer 2 (L2s) and the expansion of decentralized finance (DeFi) applications built on the bitcoin network.
bitcoin Ordinals Shine
According to the bitcoin ETF issuer x.com/FTI_DA/status/1775552645689749905?s=20″ target=”_blank” rel=”nofollow”>report, activity in the bitcoin nft space is gaining momentum. In particular, Ordinals have seen a significant increase in trading volume in recent months.
This growth is evident in bitcoin's dominance in terms of trading volume, which surpassed ethereum (eth) in December 2023, as shown in the accompanying chart.
Additionally, several bitcoin Ordinals collections are emerging as dominant players in the nft market, both in terms of trading volume and market capitalization.
These collections include NodeMonkes, Runestone, and bitcoin Puppets, which have an aggregate market capitalization of $353 million, $339 million, and $168 million, respectively. They are the most outstanding collections.
In trading volume terms In the last 30 days, the report shows that these three collections recorded trading volumes of $81 million, $85 million, and $38 million, respectively, over the past month.
The asset manager further stated that what distinguishes btc Ordinals from nfts on other blockchains, such as ethereum or solarium, is that they contain raw data recorded directly on the bitcoin blockchain. This feature contributes to the appeal and growing popularity of bitcoin Ordinals, as evidenced by market capitalization and trading volume figures.
Franklin Templeton, known for its involvement in the ETF market, was one of the issuers that thrown out a spot btc ETF in the United States earlier this year. Its ETF, which trades under the ticker name “EZBC,” has seen total inflows of 281.8 million since its launch on Jan. 11, according to BitMEX research. x.com/BitMEXResearch/status/1775818292906635384?s=20″ target=”_blank” rel=”nofollow”>data starting April 3.
Despite its zero-fee structure, the Franklin Templeton ETF has seen a significant difference in flows compared to major players in the newly approved ETF market, such as Blackrock (IBIT) and Fidelity (FBTC), which have seen flows of more than 14 billion and 7.7 billion, respectively.
Binance to discontinue support for btc nft
In a recent nft-update-on-bitcoin–nfts-2c2fb8f1f5e9421e8f777407a58df111″ target=”_blank” rel=”nofollow”>blog post, crypto exchange Binance announced that it would stop supporting bitcoin-based nfts on its marketplace. Less than a year after its introduction, Binance will no longer facilitate airdrops, benefits or utilities associated with btc nfts, citing the need to optimize its product offering in the nft space.
Binance states that users who own bitcoin nfts are recommended to withdraw them from the Binance nft marketplace via the bitcoin network before May 18, 2024.
Starting April 18, 2024, users will no longer be able to purchase, deposit, bid, or list nfts through the btc network on the Binance nft Marketplace. Any existing listing orders affected by this change will be automatically and simultaneously canceled.
Currently, btc is trading at $68,300, up a modest 3% in the last 24 hours. It is approaching the important milestone of $70,000, a level that the cryptocurrency has struggled to maintain several times.
Featured image from Shutterstock, chart from TradingView.com
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