KEY POINTS
The Solana-based non-fungible token (NFT) marketplace, Tensor, witnessed a remarkable surge in its native token, TNSR, with a trading volume nearing $1.3 billion within a mere 24-hour span.
Just a day following its debut, TNSR is currently priced at $1.90, boasting a market capitalization that exceeds $230 million, as per data sourced from CoinMarketCap.
Ranking 12th in terms of trading volume (24h) among all active cryptocurrencies listed on CoinMarketCap, TNSR demonstrates its swift uptake within the crypto space.
With a total supply of 1 billion tokens, approximately 125 million TNSR tokens are currently in circulation and available to the public.
The token has already garnered listings on major crypto exchanges, including Coinbase, Binance, OKX, KuCoin, and Bitget.
Introduced by Tensor just last month, the TNSR token is set to govern Tensor protocols, which have already facilitated over $2 billion worth of NFT trades on the Solana blockchain.
Since its inception in late 2022, Tensor has rapidly secured its market share, ranking sixth in the list of top NFT marketplaces by trading volume within the last 24 hours, closely trailing behind OpenSea, according to DappRadar. This positions Tensor as a valid competitor against other Solana-based marketplaces like Magic Eden.
Tensor’s rise in the market received a significant boost from a $3 million seed funding round last year, spearheaded by Placeholder and featuring contributions from Solana co-founders Anatoly Yakovenko and Raj Gokal.
This advancement also underscores the growth of the Solana NFT network, which achieved a notable milestone in February by surpassing $5 billion in total sales, solidifying its position as the second-largest blockchain after Ethereum.
This surge follows previous months’ trends, particularly in December, when Solana’s monthly NFT sales hit $366 million in December, outpacing Ethereum’s $353 million in sales during the same period.
