Tensor, an NFT marketplace on Solana launched in 2022, is planning to launch its governance token dubbed TNSR.
The announcement from Tensor comes at a time when its protocols have traded over $2 billion worth of Solana NFTs. “In the last 90 days they facilitated over 70% of Solana’s NFT trading volume,” Tensor wrote on X (Twitter).
To date, Tensor protocols have traded over $2bn worth of Solana NFTs. In the last 90 days they facilitated over 70% of Solana’s NFT trading volume (wash trading removed).https://t.co/m9LLxLweWA pic.twitter.com/DhqzBnaGTc
— Tensor Foundation (@TensorFdn) March 12, 2024
Tensor Foundation revealed the launch of its TNSR token, however, it did not provide more details on the launch.
“TNSR will govern Tensor protocols that have already traded over $2bn worth of NFTs on the fastest, most scalable blockchain – Solana.”
Introducing $TNSR – the future of NFT trading.$TNSR will govern Tensor protocols that have already traded over $2bn worth of NFTs on the fastest, most scalable blockchain – Solana. pic.twitter.com/eff2IxGOwr
— Tensor Foundation (@TensorFdn) March 12, 2024
The organization further noted that, “NFTs today are a niche community on the fringes of the web.” It also predicted that NFT traders will go from thousands to billions, as these asset class will power products, businesses and entire industries in the coming months.
“Shortly, Tensor protocols will be adopted by the Tensor Foundation and governed by Tensor community using $TNSR,” another post read.
Tensor NFT marketplace debuted in late 2022 and ever since, has seen significant price increases. In April 2023, the trading volume of Tensor in the Solana ecological NFT market surpassed that of Magic Eden.
Tensor did not state whether there would be an airdrop of the token. However, in May 2023, the platform hinted an upcoming massive airdrop for Solana NFT traders after completing its first season.
Tensor Foundation also noted that TNSR will play a pivotal role in incentivizing the ecosystem of creators and NFT builders.
Solana’s Booming NFT Sales
NFT sales on Solana blockchain has experienced a surge in the recent past, even surpassing Bitcoin and Ethereum.
In December 2023, SOL NFT projects, particularly Mad Lads and Tensorians saw significant price increases. The collective trading volume of the non-fungible tokens on SOL surpassed that of Ethereum, representing growth of 92%.
Early this year between Jan. 18 to Jan. 25, NFT sales on Solana blockchain exceeded $62 million, nearly 17% compared to Bitcoin’s volume.
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