Solana-Based NFT Marketplace Tensor to Launch Governance Token

The team behind the Solana-based NFT trading platform Tensor has introduced the governance token TNSR.

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

The Tensor Foundation has not disclosed any details about the token’s release, promising to provide information “soon.”

According to a brief explanation, the organization will continue to support the operation of Tensor protocols under community governance.

The developers noted that trading volume on the marketplace has exceeded $2 billion since its launch. According to Flipside Crypto, Tensor’s share of NFT trading on Solana over the past 90 days was more than 70% (excluding wash trading).

“NFTs today are a niche community on the fringes of the web. NFTs tomorrow will power products, businesses and entire industries. NFT traders will go from thousands to billions,” stated the Tensor Foundation.

NFTs today are a niche community on the fringes of the web. NFTs tomorrow will power products, businesses and entire industries. NFT traders will go from thousands — to billions.

— Tensor Foundation (@TensorFdn) March 12, 2024

According to CryptoSlam, NFT trading volumes on Solana have surged since December last year, consistently exceeding $200 million monthly. The cumulative figure surpassed $5 billion back in February according to reports.

However, in terms of market share, Solana lags not only behind the clear leader Ethereum but also the Bitcoin blockchain.

In December, the Bitcoin network accounted for 42% of NFT trading volume amid another Ordinals boom.