KEY POINTS
Tensor, a Solana-centric non-fungible token (NFT) marketplace, has unveiled plans for the release of its governance token, TNSR.
According to a post shared on X (Twitter) on March 12, TNSR will play a pivotal role in governing Tensor protocols, which have facilitated over $2 billion worth of Solana NFT trades to date. Also, these protocols have accounted for more than 70% of Solana’s NFT trading volume in the last 90 days.
Under the purview of the Tensor Foundation, TNSR will grant holders voting rights, enabling them to steer the direction of the Tensor protocols.
While specifics regarding the token’s issuance date are yet to be disclosed, the post mentions that further details will be forthcoming.
Since its debut in late 2022, Tensor has emerged as a significant player in the Solana NFT market. According to DappRadar data, Tensor currently holds the sixth position among NFT marketplaces based on trading volume in the last 24 hours, boasting an average price of +46% for NFTs sold on its platform.
Tensor’s ascent in the market was bolstered by a $3 million seed funding round last year, led by Placeholder and featuring participation from Solana co-founders Anatoly Yakovenko and Raj Gokal. This injection of funding has undoubtedly boosted Tensor’s drive to establish itself firmly within the Solana NFT scene, positioning it as a strong competitor against platforms like Magic Eden.
Built on Solana, Tensor describes the blockchain as “one of the only chains with the throughput, speed, and low fees necessary for mass adoption.”
Indeed, Solana NFTs have witnessed a remarkable performance in 2024. In January alone, Solana surpassed Ethereum in December NFT sales, racking up an impressive $366.3 million. Furthermore, Solana NFTs recently surpassed $5 billion in total sales, establishing the blockchain as the second-largest player in the industry behind Ethereum.
