The Tensor Foundation, a recently formed organization behind Solana NFT marketplace Tensor, has outlined its plans for the TNSR token.
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
Launched in 2022, Tensor has quickly established itself as a major player in the Solana NFT ecosystem, competing with established names like Magic Eden. Tensor currently holds over 33% of the Solana NFT market share.
The Tensor Foundation believes NFTs are poised for explosive growth, transitioning from a niche market to powering entire industries.
Their vision includes a dramatic increase in NFT users, from the current thousands to potentially billions.
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The Foundation emphasized that Tensor protocols have already facilitated over $2 billion in Solana NFT trades since launching.
Notably, they claim over 70% of Solana’s NFT trading volume in the past 90 days, excluding wash trading.
The TNSR token will empower the Tensor community to participate in the platform’s governance. Specific details regarding the token’s release are yet to be announced.
However, the NFT marketplace is currently holding airdrop campaigns rewarding Solana NFT collectors based on their trading activity and staking of its flagship NFT collection, Tensorians.
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