Tensor, a Solana-based NFT marketplace that emerged in 2022, is gearing up to introduce its governance token named TNSR.
This move by Tensor coincides with its protocols handling transactions exceeding $2 billion in Solana NFTs. “In the past 90 days alone, they’ve overseen over 70% of Solana’s NFT trading volume,” Tensor shared on its official Twitter account.
Although Tensor Foundation has unveiled plans for the TNSR token, specifics regarding its launch remain undisclosed.
“TNSR will serve as the governing force behind Tensor’s protocols, which have already facilitated over $2 billion in NFT trades on Solana, renowned for its speed and scalability,” the organization explained.
Moreover, the foundation emphasized that “NFTs currently represent a niche community at the outskirts of the internet.” It also foresees a significant expansion in the NFT trading community, projecting a transition from thousands to billions of traders as these digital assets begin to fuel various products, enterprises, and entire industries in the months ahead.
“Shortly, Tensor protocols will transition under the governance of the Tensor Foundation and the broader Tensor community, utilizing the $TNSR token,” another post confirmed.
Since its inception in late 2022, the Tensor NFT marketplace has experienced substantial growth, marked by notable price surges. By April 2023, Tensor’s trading volume within the Solana NFT ecosystem had surpassed that of Magic Eden.
Tensor has yet to confirm whether there will be an airdrop of the token. However, in May 2023, the platform hinted at a forthcoming significant airdrop for Solana NFT traders upon the conclusion of its inaugural season.
The Tensor Foundation emphasized that TNSR will serve as a crucial incentive mechanism within the ecosystem, rewarding creators and NFT developers for their contributions.
Solana’s Booming NFT Sales
In recent times, NFT sales on the Solana blockchain have witnessed a remarkable surge, outpacing even Bitcoin and Ethereum.
During December 2023, SOL NFT projects, notably Mad Lads and Tensorians, experienced notable price hikes. The combined trading volume of non-fungible tokens on SOL surpassed that of Ethereum, demonstrating a growth rate of 92%.
In the early months of this year, between January 18th and January 25th, NFT sales on the Solana blockchain reached over $62 million, marking a nearly 17% increase compared to Bitcoin’s trading volume.
