Solana-based NFT platform Tensor has announced the launch of its new token, TNSR, which will allow token holders to govern the protocol.
TNSR Token Launch
On Tuesday, the Tensor Foundation took to the social media platform X.com to announce the launch of their latest governance token, TNSR.
The team wrote,
“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.”
The announcement mentioned how Tensor protocols have already traded over $2 billion worth of Solana NFTs, accounting for over 70% of the blockchain’s NFT trading volume (excluding wash trading) in the last 90 days.
The statement highlighted the significance of the Tensor protocols as NFT trading infrastructure since they are built on Solana, which has the throughput, speed, and low fees necessary for mass adoption.
Future Of NFT Trading
NFTs or non-fungible tokens are digital assets that represent real-world objects like art, music, in-game items, and videos and can be traded on online marketplaces like Tensor.
According to the Tensor Foundation,
“NFTs today are a niche community on the fringes of the web. NFTs tomorrow will power products, businesses and entire industries. NFT traders will go from thousands — to billions.”
The foundation has also announced its intentions to support NFT creators and builders for Web3 development along with leading the necessary infrastructure for the governance token.
The new toke, $TNSR, which the foundation is calling the “future of NFT trading,” will function as a governance token for the Tensor community.
“Blur Of Solana”
Introduced in 2022, Tensor has been vigorously vying with NFT powerhouse Magic Eden and other platforms to establish itself as the premier hub for Solana NFTs. The platform refers to itself as the “Blur of Solana,” trying to replicate the success Blur has had on the Ethereum ecosystem.
The NFT explorer Tiexo has revealed that Tensor presently commands 33.49% of the NFT market share, as opposed to Solana's 62.16%. In 2023, Tensor received a $3 million seed funding led by Placeholder VC, and supported by investments from Solana Ventures as well as Solana co-founders Anatoly Yakovenko and Raj Gokal.
While the Foundation had not previously disclosed intentions for a TNSR airdrop, last May, it offered Solana NFT collectors complimentary reward boxes based on their trading activity as part of its “Season 1 airdrop."
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
