Morning Minute | The Institutions Are Coming...For Runes

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🟠 Franklin Templeton Bull Posts Runes

The halving is sneaking up on us, currently scheduled for Friday at 3 pm ET.

With the halving comes the launch of Bitcoin's new fungible token standard, the Runes protocol.

And it's finally caught the attention of some major institutions.

What Happened?

Yesterday Franklin Templeton's Digital Assets account posted a quick 2-pager explaining the evolution of Ordinals on Bitcoin, the launch of Runes, what it solves and the potential opportunity.

It's a very concise, well written post and I highly recommend giving it a quick read for those who want to learn more about Runes.

Here's what stood out to me from their post:

• The explosion in Bitcoin's NFT market cap to $2B after the launch of Ordinals (though it took ~12 months to really take off)
• The problems Runes solve (avoiding junk UXTOs, lower fees & lightning network compatibility)
• The comparison between fungible token market caps on ETH ($499B), Solana ($37B) and Bitcoin ($0.6B)

The simple data referenced in the paper really do tell a convincing story.

Why It Matters

Ordinals have proven that there is demand for an economy on Bitcoin.

Collectibles, art and utility NFTs have thrived on Bitcoin this year and have greatly outperformed their peers on ETH and Solana.

It's not a stretch to think that fungible tokens could see similar success.

Bitcoin does have BRC-20s, but those trade like non-fungible tokens more than fungible ones.

There is some debate over how much the trading experience with Runes will improve vs the current state with BRC-20s.

But if the experience does improve, with factors like more fungible trading (ability to sell 1 token as easily as 100) and better UX, it should attract more participants.

The discrepancy between the fungible token markets on ETH and Solana vs Bitcoin is striking, especially with the most wealth on Bitcoin.

Let's check back in on that chart in 6 months - I'm willing to bet Bitcoin has made up a lot of ground,

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Bitcoin led NFT trading volume with $17.7M on the day (-12%); ETH was next with $7.7M (even) and then Solana with $4M (+54%)
• Runestone led the BTC NFT board again and held at 0.078 BTC; most Ordinals leaders fell 10-15%
• Pizza Ninjas were a winner, reaching 0.175 BTC (0.2 at peak), up 150% on the week as the team has leaned into more education
• Magisat launched the first ever memepool marketplace for Ordinals to help avoid mempool sniping (or at least level the playing field)
• ETH NFT leaders were mixed with BAYC and Pudgy up 7% and 3% respectively, but Azuki -8% and Captains -3%
• Remilio's were a notable winner, up 16% to 1.83 ETH; Ceden Keystone Beavers were up 30% to 0.22 ETH as well
• Solana NFTs were mostly red on the day; Mad Lads -2% at 128 SOL, Tensorians even at 18, Jeo Bodens -16% to 7 SOL
• Arcade teased a Base integration again yesterday in a cryptic post
• NBA Top Shot launched Stress Test packs for $1 each
• Punk6529 introduced subscription minting for his Memes by 6529, allowing users to pay without gas fees and receive he 3x-weekly mints

💰 Token, Airdrop & Points Tracker

Here's a rundown of major token or airdrop news from the day:

• Parcl opened up a claim checker showing how many tokens users have ahead of today's $PRCL TGE
• Sharkyfi shared its Jupiter LFG launchpad site allowing users to see their airdrop allocations, set up DCA and more ahead of today's airdrop
• WZRD led action in BRC-20s once again, jumping 50%+ off local bottom back to $7.68 ($160M mc)

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are very red this morning as the Middle East crisis heated back up yesterday; BTC -5% at $62,770; ETH -5.6% at $3,070; SOL -13% at $133
• Memecoin majors were red as well; DOGE -6%, WIF -15%, PEPE -10%
• Elon teased Doge being a top 10 crypto token on the same day X announced new users having to pay "a small amount" to use the platform
• Arbitrum announced Arbitrum Bold enabling permissionless proving and moving towards a more decentralized L2 experience
• A warning went out for Trust Wallet users involving imessage and a potential attack vector
• Franklin Templeton shared a basic primer for Runes along with the potential bull case

🚀 Memecoin Movers 

• $RWA (+220%, $12M market cap, Base)
• $EPIK (+60%, $45M market cap, Solana)
• $RAIL (+48%, $69M market cap, ETH)
• $ANDY (+46%, $90M market cap, ETH)
• $SHARK (+20%, $64M market cap, Solana)

📈 NFT Floor Price Increase (ETH)

• Co-Museum (40%, 0.14 ETH Floor)
• CEDEN Keystone Beavers (34%, 0.22 ETH)
• The Grapes (31%, 0.32 ETH)
• Remilio (16%, 1.78 ETH)
• Honey Comb (11%, 0.33 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a very busy day of drops and token launches. 

PARCL and SHARK debut this morning on Solana in (hopefully) a nice stimmy for those who heavily used (farmed) those protocols.

Then there is a laundry list of drops on Bitcoin today, as teams race to launch pre-halving.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• $SHARK (7:00 a.m. ET)
• $PARCL (9:00 a.m. ET)
• Ordzaar (10:00 A.m. ET)
• ExtraOrdinals (10:00 a.m. ET)
• Runes Heroes (1:00 p.m. ET)
• Sabet - Tokyo Punks (1:00 p.m. ET)
• We Are So Ducked (2:00 p.m. ET)
• Marco Mori - Based Creeptures (3:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.