Nfts
Bitcoin NFT Market Thrives, Franklin Templeton Remains Upbeat, Binance Ends Support
Franklin Templeton’s digital assets division has released a note to its investors introducing the Bitcoin-based system. non-fungible tokens (NFT), highlighting a surge in activity within the Bitcoin ecosystem.
The asset manager attributes this increased momentum to various factors, including the emergence of Bitcoin (BTC) NFTs called Ordinals, the development of new fungible standards like 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
Depending on the Bitcoin ETF issuer report, activity in the Bitcoin NFT space is gaining momentum. In particular, Ordinals have seen a significant increase in trading volume over the past few months.
This growth is evident in Bitcoin’s dominance in terms of transaction volume, which surpassed Ethereum (ETH) in December 2023, as shown in the attached chart.
Additionally, several collections of Bitcoin Ordinals 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. These are the most remarkable collections.
In terms of trade volume Over the past 30 days, the report shows that these three collections saw trading volumes of $81 million, $85 million, and $38 million, respectively, over the past month.
The asset manager further claimed that what distinguishes BTC ordinals from NFTs on other blockchains, such as Ethereum or Solana, is that they contain raw data recorded directly on the Bitcoin blockchain. This feature contributes to the attractiveness 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 spear a spot BTC ETF in the US earlier this year. Its ETF, which trades under the name “EZBC,” has seen total inflows of 281.8 million since its launch on January 11, according to BitMEX research. data from April 3.
Despite its no-fee structure, Franklin Templeton’s ETF saw a significant difference in flows compared to major players in the newly approved ETF market, such as Blackrock (IBIT) and Fidelity (FBTC), which saw flows of more than 14 billion and 7.7 billion, respectively.
Binance to discontinue support for BTC NFTs
In a recent blog post, crypto exchange Binance has announced that it will stop supporting Bitcoin-based NFTs on its marketplace. Less than a year after their introduction, Binance will no longer facilitate airdrops, perks, or utilities associated with BTC NFTs, citing the need to streamline its product offerings in the NFT space.
Binance says users with Bitcoin NFTs are advised to withdraw them from the Binance NFT Market via the Bitcoin network before May 18, 2024.
Starting April 18, 2024, users can no longer purchase, deposit, bid, or list NFTs through the BTC network on the Binance NFT Marketplace. All existing ad orders affected by this change will be automatically canceled simultaneously.
Currently, BTC is trading at $68,300, up a modest 3% over the past 24 hours. It is approaching the important milestone of $70,000, a level that the cryptocurrency has struggled to maintain on several occasions.
Featured image from Shutterstock, chart from TradingView.com