According to a research released in April by Franklin Templeton Digital Assets, there has been a “renaissance” in the development and invention of bitcoin in the past year.
According to the paper, the primary forces behind this innovation have been the non-fungible tokens (NFTs) known as Ordinals, new token standards like BRC-20 and Runes, Bitcoin layer 2s, and other Bitcoin decentralized finance (DeFi) primitives.
“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.
The investment manager stated that this is supported by market share statistics that indicates a rise in dominance beginning in December of last year, when Bitcoin overtook Ethereum, a rival blockchain, in NFT trading volume.
“Multiple Ordinal collections are starting to dominate the NFT market in terms of volume and market cap,” the report added.