The cryptocurrency market continues to see notable developments, with airdrop events becoming a topic of interest within blockchain ecosystems. Accordingly, the Solana NFT marketplace Tensor announced it will be launching a governance token. The Tensor Foundation shared details about the release of the TNSR token on social media platform X without going into much detail.
Tensor Team’s Token Announcement
Tensor Foundation made an announcement on social media platform X on March 12, stating the following:
“Today the NFT space is an important community within the Web3 domain. Tomorrow, NFTs will empower products, businesses, and entire industries. NFT investors will grow from thousands to billions.”
Tensor also announced that it has facilitated approximately $2.2 billion in transactions for Solana NFTs. This represents an additional $2 billion in trade volume compared to the $7 million in NFT volume recorded last March. The marketplace became operational towards the end of 2022. The Tensor Foundation made the following statement:
“To date, Tensor protocols have facilitated the trade of over $2 billion in Solana NFTs. In the last 90 days, it facilitated more than 70% of Solana’s NFT transaction volume.”
NFT Process in Ethereum and Solana Ecosystems
Solana NFTs, which lag behind the transaction volumes of NFTs on Ethereum, have seen a steady increase in their transaction volumes since the end of last year. According to CryptoSlam data, more than $200 million worth of Solana NFTs changed hands each month between December and February.
Last March, Tensor, which describes itself as the Blur of Solana, announced that it raised $3 million in a seed funding round. The round was led by Placeholder VC, with participation from Solana Ventures and Solana’s founding partners Anatoly Yakovenko and Raj Gokal.
Tensor’s self-designation as the Blur of Solana is part of its strategy to position its market to appeal to professional investors in Solana NFTs.
