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Tensor NFT Marketplace Launches Governance Token TNSR
Tensor, an NFT marketplace on Solana that debuted in 2022, is gearing up to introduce its governance token named TNSR.
Overview
- Tensor’s protocols have facilitated over $2 billion worth of Solana NFT trades.
- The marketplace has accounted for more than 70% of Solana’s NFT trading volume in the last 90 days.
The Tensor Foundation announced the upcoming launch of the TNSR token without divulging specific details.
“TNSR will oversee Tensor protocols that have already facilitated over $2 billion worth of NFT trades on Solana, the fastest and most scalable blockchain,” the foundation stated.
Future of NFT Trading
The Tensor Foundation anticipates significant growth in the NFT market, predicting a transition from thousands to billions of NFT traders. It foresees NFTs powering various products, businesses, and industries in the near future.
“Soon, Tensor protocols will be governed by the Tensor community through the use of $TNSR,” a foundation post mentioned.
Since its launch in late 2022, the Tensor NFT marketplace has witnessed substantial price surges. By April 2023, Tensor’s trading volume in the Solana NFT market had exceeded that of Magic Eden.
While Tensor has not confirmed an airdrop of the token, it hinted at a potential large-scale airdrop for Solana NFT traders following the completion of its inaugural season in May 2023.
The foundation emphasized that TNSR will serve as a key incentive for creators and NFT builders within the ecosystem.
Solana’s Growing NFT Market
NFT sales on the Solana blockchain have been on the rise, surpassing established cryptocurrencies like Bitcoin and Ethereum.
In December 2023, SOL NFT projects such as Mad Lads and Tensorians experienced notable price hikes. The collective trading volume of SOL NFTs outpaced that of Ethereum, marking a growth of 92%.
Between January 18 and January 25 of this year, NFT sales on Solana exceeded $62 million, a nearly 17% increase compared to Bitcoin’s volume.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
