Solana NFT Market Tensor to Launch $TNSR Token for Community-Led Governance
Solana-based non-fungible token (NFT) trading platform Tensor revealed plans to introduce a $TNSR token, enabling its holders to participate in protocol governance. The announcement did not specify whether there would be an airdrop, and additional information about the token’s release is expected to be provided in the near future.
According to a post on the social media platform X by a supporting organization behind the marketplace Tensor Foundation, Tensor protocols play a crucial role in the trading infrastructure of NFTs as an emerging asset class. Furthermore, they are built on the Solana blockchain, one of the few chains with the necessary throughput, speed, and low fees required for widespread adoption.
In the near future, the Tensor Foundation plans to adopt Tensor protocols, with governance entrusted to the Tensor community through the use of its $TNSR token. In addition to overseeing essential infrastructure, the Tensor Foundation aims to nurture a community of creators and builders committed to the success of NFTs.
Tensor Dominates Solana Trading
As an NFT marketplace tailored for traders, Tensor incorporates advanced functionality, such as real-time data, candlestick charts, and automated market-making (AMM) pools specifically designed for NFTs. The platform also offers rewards to users. Launched in 2022, the marketplace received support from Placeholder VC and Solana Ventures, among others, raising $3 million in a seed funding round last year.
In the past 90 days, Tensor has facilitated the trading of over $2 billion worth of NFTs, accounting for more than 70% of the Solana NFT trading volume. This represents a significant increase compared to last year’s reported NFT volume of $7 million.
Trading volumes for Solana NFTs, which historically lagged behind those of NFTs minted on the Ethereum blockchain, have recently shown a consistent upward trend. According to data from CryptoSlam, over $200 million worth of Solana NFTs were traded monthly between December and February.
Tensor’s strategic initiatives and dominant performance highlight its crucial role in the realm of NFT trading.
