The Tensor Foundation, the new organization behind the Solana NFT marketplace, announced its plans for the TNSR token in a Twitter thread on Tuesday. The new account was retweeted by Tensor’s official Twitter account.
Launched in 2022, Tensor has faced stiff competition from NFT megasite Magic Eden and others to become the destination for Solana NFTs. Tensor currently holds 33.49% of the NFT market share, while Solana holds 62.16%, according to data from NFT exploration firm Tiexo.
“Today, NFTs are a niche community on the fringes of the web,” the Tensor Foundation account said. “Tomorrow, NFTs will reinvigorate products, businesses, and entire industries. NFT traders will grow from thousands to billions.”
The Tensor did not respond immediately. detoxification Request for comment.
The foundation hasn’t mentioned any plans for a TNSR airdrop, but announced a “Season 1 Airdrop” last May, giving Solana NFT collectors the opportunity to claim a free reward chest proportional to their trading activity.
The Tensor Foundation highlighted the speed and low cost of the Solana blockchain, calling it critical for NFT trading infrastructure and one of the only chains with the throughput, speed, and low fees needed for mass adoption.
“To date, the Tensor Protocol has traded $2 billion worth of Solana NFTs,” the Tensor Foundation said. “Over the past 90 days, they have facilitated over 70% of Solana NFT trading volume (excluding wash trading).”
The Tensor Foundation said the organization will work with the Tensor community to adopt the Tensor Protocol, using TNSR as its governance token.
“Beyond managing critical infrastructure, we will foster an ecosystem of creators and builders committed to the success of NFTs,” the Tensor Foundation said. “Web3 is about building with composability.”
Stay up to date with cryptocurrency news and receive daily updates in your inbox.
