$61,405.00
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-11.61%
The Tensor Foundation, a new organization supporting the eponymous Solana NFT marketplace, laid out its plans for the TNSR token in a Twitter thread on Tuesday. The brand-new account was retweeted by the official Twitter account for Tensor.
Launched in 2022, Tensor has been competing furiously with NFT mega site Magic Eden and others to be the go-to destination for Solana NFTs. According to data by NFT explorer Tiexo, Tensor currently holds 33.49% of the NFT market share, compared to Solana’s 62.16%.
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
“NFTs today are a niche community on the fringes of the web,” the Tensor Foundation account said. “NFTs tomorrow will power products, businesses, and entire industries. NFT traders will go from thousands — to billions.”
Tensor did not immediately respond to Decrypt’s request for comment.
The Foundation did not mention plans for a TNSR airdrop, but last May it did announce its “Season 1 airdrop,” giving Solana NFT collectors a chance to claim free reward boxes proportional to their trading activity.
Tensor Foundation highlighted the speed and low cost of the Solana blockchain, calling it one of the only chains with the throughput, speed, and low fees critical to the trading infrastructure for NFTs and necessary for mass adoption.
“To date, Tensor protocols have traded over $2 billion worth of Solana NFTs,” the Tensor Foundation said. “In the last 90 days, they facilitated over 70% of Solana’s NFT trading volume (wash trading removed).”
Tensor Foundation said the organization will adopt the Tensor protocols with the Tensor community using the TNSR as a governance token.
“Beyond stewarding the critical infrastructure, Tensor Foundation will foster an ecosystem of creators and builders dedicated to seeing NFTs succeed,” Tensor Foundation said. “Web3 is about composability — and building together.”
