Tensor, a Solana-based NFT marketplace established in 2022, is gearing up to unveil its governance token named TNSR.
This development comes as Tensor’s protocols have facilitated over $2 billion in Solana NFT trades, dominating more than 70% of the platform’s trading volume in the last three months, as stated by Tensor on Twitter.
While Tensor Foundation has announced the launch of the TNSR token, specific details about the launch remain undisclosed.
The organization emphasizes the growing importance of NFTs, predicting a significant increase in NFT traders from thousands to billions, foreseeing NFTs powering various products, businesses, and industries in the near future.
Tensor intends to integrate its protocols with the Tensor Foundation and entrust governance to the Tensor community using the TNSR token.
Since its inception, Tensor’s NFT marketplace has witnessed substantial growth, surpassing the trading volume of Magic Eden in the Solana NFT market by April 2023.
While Tensor has not confirmed the possibility of an airdrop for the token, hints of a large-scale airdrop for Solana NFT traders were provided by the platform in May 2023.
The Tensor Foundation highlights that TNSR will serve as a significant incentive for creators and NFT builders within the ecosystem.
Solana has experienced a boom in NFT sales, surpassing those of Bitcoin and Ethereum. Notably, SOL NFT projects like Mad Lads and Tensorians witnessed notable price surges, with the collective trading volume on Solana exceeding that of Ethereum by 92% in December 2023. Additionally, between January 18 and January 25 of the following year, NFT sales on Solana surpassed $62 million, representing a 17% increase compared to Bitcoin’s volume.