Solana NFT Marketplace Tensor Unveils Plans for TNSR Token
The freshly minted Tensor Foundation has unveiled its plans for the TNSR token, signaling its vision for an NFT-driven future on the Solana blockchain.
In a Twitter thread posted on Tuesday, the Tensor Foundation outlined its intentions for the TNSR token, which will serve as the governance token for the Solana NFT marketplace. This announcement was retweeted by the official Tensor Twitter account.
Since its launch in 2022, Tensor has been in fierce competition with NFT giant Magic Eden and other platforms to establish itself as the premier destination for Solana-based NFTs. According to data from NFT explorer Tiexo, Tensor currently commands a substantial 33.49% share of the Solana NFT market.
The introduction of $TNSR represents a significant step towards the future of NFT trading. The token will govern the protocols developed by Tensor, which have already facilitated over $2 billion worth of NFT trades on Solana, known for its speed and scalability.
The Tensor Foundation emphasized the transformative potential of NFTs, envisioning a future where these digital assets power products, businesses, and entire industries. While details about a TNSR airdrop were not disclosed, the Foundation previously conducted a "Season 1 airdrop" for Solana NFT collectors based on their trading activity.
Highlighting Solana's speed and low fees, the Foundation emphasized the blockchain's suitability for NFT trading infrastructure and mass adoption. Over the past 90 days, Tensor protocols have facilitated over 70% of Solana's NFT trading volume, excluding wash trading.
Moving forward, the Tensor Foundation aims to foster an ecosystem of creators and builders dedicated to the success of NFTs. By utilizing the TNSR token as a governance mechanism, the Foundation seeks to empower the Tensor community to shape the future of the platform collaboratively.
In embracing the principles of Web3 and composability, the Tensor Foundation underscores its commitment to building a vibrant and inclusive NFT ecosystem on the Solana blockchain.
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