- Tensor Foundation introduces the $TNSR token for Solana’s NFT marketplace.
- Tensor protocols mark over $2 billion in NFT transactions.
- With $TNSR, the Tensor Foundation shifts towards community governance.
Solana’s ecosystem has experienced a surge in transactions. As DEX trade volume on Solana jumped 150%, Solana’s Network was briefly ahead of Ethereum. Now, a new development in the Solana NFT space could also boost its NFT ecosystem.
NFT marketplace Tensor, backed by the Solana Foundation, has announced the launch of its own governance token, $TNSR. This move aims to distribute decision-making to the community and raise the funds needed for expansion.
Solana Marketplace Tensor’s $TNSR: What Is It and Why Will It Launch?
On Tuesday, March 12, the Tensor Foundation unveiled the $TNSR token, a governance token for the Tensor NFT marketplace on Solana. This announcement follows a major milestone: The Tensor NFT marketplace recently recorded $2 billion in total transactions on the platform.
So far, it is unclear whether the token distribution will be through an initial offering or an airdrop to users. The Foundation invited the community to stay tuned for future announcements with more details.
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While specific details on the distribution of the Solana-based Tensor $TNSR tokens remain under wraps, the Tensor Foundation will likely retain some for development, marketing, and ecosystem incentives. An investment like this is necessary for sustaining the project’s growth. This investment will also potentially boost Solana’s NFT ecosystem, which benefits from fast transactions and low fees.
Tensor Highlights Solana’s Performance
The Tensor Foundation highlighted the role of Solana’s underlying technology in its growth. This technology is designed to meet the demands of a rapidly growing digital asset ecosystem. By leveraging Solana’s scalable infrastructure, Tensor can facilitate fast NFT sales while charging minimal fees.
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Moreover, Tensor also benefited from Solana’s grant programs. Its journey started with a $70,000 grant from winning two Solana hackathons in 2022. Tensor’s founders, Ilja Moisejevs and Richard Wu, bootstrapped the company with these funds to start the company.
On the Flipside
- Potential investors should carefully review the terms of any token sale or airdrop before deciding to participate.
- In April, the Solana Foundation announced a $1 million grant program for AI blockchain startups that build on Solana.
Why This Matters
The launch of the $TNSR token highlights the scalability and efficiency of Solana’s infrastructure and the importance of supporting a community-driven ecosystem.
Read more about Solana’s NFT market:
Solana NFTs See $14M NFT Sales, Despite Bearish NFT Market
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