• 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’s innovation and growth have experienced a significant surge in the past year, according to Franklin Templeton Digital Assets in their April report.

The primary force behind this innovation is largely attributed to Ordinal NFTs, novel token standards like BRC-20 and Runes, Bitcoin’s layer 2 solutions, and various Bitcoin DeFi foundations as stated in the report.

“The Bitcoin NFT market is seeing a notable pickup in pace, as evidenced by the surge in trading activity surrounding Ordinals,” Franklin Templeton commented.

Starting from December last year, as indicated by market share figures, Bitcoin has been gaining more prominence in NFT trading over its rival, Ethereum. This was expressed in the investment manager’s writing.

The NFT market is seeing a trend towards ordinal collections, which are becoming more prominent in both volume and market value. (Or, In the NFT market, the volume and market value of ordinal collections are on the rise.)

Read more: The Ordinals Protocol Has Caused a Resurgence in Bitcoin Development

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2024-04-04 18:38