Solana-Based NFT Marketplace Tensor to Launch TNSR Governance Token
An NFT marketplace on the Solana blockchain called Tensor has announced its plans to launch a governance token called TNSR. This comes as Tensor’s protocols have facilitated over $2 billion worth of Solana NFT trading volume in the last 90 days, accounting for more than 70% of Solana’s total NFT trading volume.
Tensor’s Impressive Trading Volume
In a recent tweet, Tensor Foundation revealed that its protocols have traded over $2 billion worth of Solana NFTs, making it a dominant player in the market. The organization also shared that its protocols have facilitated over 70% of Solana’s NFT trading volume in the past 90 days, excluding wash trading.
The Launch of TNSR
The announcement from Tensor Foundation included the introduction of its governance token, TNSR. However, the foundation did not provide specific details about the token’s launch.
“TNSR will govern Tensor protocols that have already traded over $2bn worth of NFTs on the fastest, most scalable blockchain – Solana.”
Predicting the Future of NFT Trading
The organization emphasized that while NFTs are currently considered a niche community on the fringes of the web, they predict that this asset class will gain widespread adoption and power various industries in the coming months. They stated that NFT traders will go from thousands to billions, signaling significant growth potential for this market.
Tensor’s Role in the Ecosystem
Tensor Foundation stated that their protocols will be adopted by the foundation itself and governed by the Tensor community using TNSR. They also highlighted that TNSR will play a crucial role in incentivizing creators and NFT builders within the ecosystem.
Solana’s Booming NFT Sales
The Solana blockchain has experienced a surge in NFT sales, surpassing even Bitcoin and Ethereum. In December 2023, SOL NFT projects like Mad Lads and Tensorians saw significant price increases, with the collective trading volume of Solana NFTs surpassing that of Ethereum by 92%. Additionally, between January 18th and January 25th of this year, NFT sales on Solana exceeded $62 million, accounting for nearly 17% of Bitcoin’s volume.
Hot Take: The Rise of Solana-Based NFTs
Solana’s growing prominence in the NFT space highlights the blockchain’s scalability and speed advantages. With Tensor’s impressive trading volume and plans to launch the TNSR governance token, it is clear that Solana-based NFTs are gaining traction and attracting significant attention from traders and investors. As the ecosystem continues to expand, it will be interesting to see how Solana competes with other major blockchain platforms in the NFT market.
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