Summary
TLDR: Franklin Templeton explores the rise of Bitcoin Ordinals, highlighting a renaissance in Bitcoin development with new token standards and NFT activity. Bitcoin-based NFTs have surpassed Ethereum counterparts in growth multiple times. Despite optimism, the price of ORDI token has declined. Institutional interest in Bitcoin and digital assets is growing.
Key Points
1. Franklin Templeton Digital Assets explores the impact of Bitcoin Ordinals on the Bitcoin network, highlighting a surge in NFT activity fueled by Ordinals.
2. Bitcoin-based NFTs have surpassed Ethereum counterparts in growth multiple times since November 2023, with Bitcoin Ordinals securing about a 50% market share in December 2023.
3. Bobby Lee, founder of Ballet, expressed optimism in Bitcoin Ordinals, viewing them as evidence of Bitcoin’s open, permissionless nature, while Franklin Templeton pointed to an overall NFT market recovery attributed to Bitcoin price rally and Ordinal activity.