- Solana NFT marketplace Tensor launches the TNSR governance token.
- TNSR will govern protocols that processed over $2 billion in NFT transactions.
- Tensor Foundation aims to empower the community and foster NFT growth with TNSR.
Tensor Foundation, the new entity backing the renowned Solana NFT marketplace Tensor, has introduced TNSR, heralding it as a new era in NFT trading. On Tuesday, the Tensor Foundation outlined its strategy for the TNSR token via a series of tweets.
According to the report, TNSR will govern Tensor protocols that have already facilitated over $2 billion in NFT transactions on Solana, the blockchain renowned for its unparalleled speed and scalability.
While NFTs currently inhabit a niche corner of the internet, Tensor Foundation envisions a future where they underpin entire industries and businesses. Furthermore, with NFT traders projected to soar into the billions, the foundation emphasized the significance of robust trading infrastructure.
They highlighted Tensor protocols as critical infrastructure for this emerging asset class, built on Solana for its unmatched throughput, speed, and low fees, which are essential for widespread adoption.
Tensor Foundation noted that in the past 90 days alone, Tensor protocols facilitated more than 70% of Solana’s NFT trading volume, excluding wash trading. The monetary value of the transactions reportedly exceeds $2.18 billion.
Now, under the guidance of the Tensor Foundation, these Tensor protocols will transition into the hands of the community, governed by the TNSR token. Beyond mere infrastructure maintenance, the Foundation pledges to nurture a vibrant ecosystem of creators and innovators to propel NFTs to new heights.
Since its establishment in 2022, Tensor has fiercely competed with NFT giant Magic Eden and other platforms to solidify its position as the top hub for Solana NFTs. According to data from NFT explorer Tiexo, Tensor currently holds a 36.74% share of the NFT market, while Magic Eden retains 58.32%.
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