Quick take:
- The company also highlighted the risks associated with Ordinals as an investment warning investors that they could lose value and are not insured.
- The report also highlights to the surging popularity of Ordinals, which in December 2023 topped the charts in terms of transaction volume per chain.
- Emerging token standards BRC-20 and Runes, as well as, the rise of Bitcoin layer-2s and DeFi protocols as other factors boosting innovation on Bitcoin, the asset manager said.
Franklin Templeton’s Digital Asset Management Unit has issued a report crediting Ordinals (nonfungible tokens inscribed on Bitcoin) for unlocking innovation on the Bitcoin network. However, the asset manager was quick to warn investors of the risks associated with investing in Ordinals, stating they could lose value and are not insured.
The report also highlights the milestones Ordinals have made since being introduced to the non-fungible token market in February 2023.
Using a graphic representation, the report demonstrated how Ordinals overtook all other chains including Ethereum and Solana to dominate NFT transaction volume in December 2023.
“Bitcoin Ordinals have seen a surge in trading volume over the past several months. This is reflected in an increase in dominance starting in December of 2023 when it surpassed ETH in trading volume,” the asset manager wrote in a note to investors.
But Bitcoin NFTS are not the only products driving innovation on the blockchain powering the world’s biggest cryptocurrency. Since last year, the network has attracted the Bitcoin layer-2s and Bitcoin decentralised finance (DeFi) protocols, which have helped accelerate the growth of Bitcoin’s dApp ecosystem.
The report also credited New fungible token standards like BRC-20 and Runes for driving innovation on Bitcoin.
According to a Dune Analytics dashboard by Domo, Bitcoin Ordinals have surpassed $3.1 billion in transaction volume.
The entire Ordinals Marketplace now has more than 490k unique users and has overseen over 2.3 million transactions to date.
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