The Tensor Foundation has announced plans to issue a governance token under the ticker symbol TNSR. Owners of the crypto asset will have the right to determine the further development of the Tensor NFT marketplace, their representatives said. In a post on X (formerly Twitter), the Tensor Foundation said more details on the token issue would follow “soon.” It is not specified whether an airdrop will take place.
The marketplace is built on the Solana blockchain and its main competitor is the Magic Eden platform. The Tensor team claims to have sold $2 billion worth of non-fungible tokens through the marketplace since it came to market. Over the past 90 days, the platform has accounted for more than 70% of the total NFT trading volume on the Solana network, the developers note. The project management speaks about the rapid growth and the need for further development of the market.
According to CryptoSlam, NFT trading volumes on Solana have increased to over $200 million per month since December last year. The cumulative figure for all of history exceeded $5 billion in February. However, in terms of NFT market share, Solana is not only inferior to the clear leader Ethereum, but also to the Bitcoin blockchain.
Image: SolanaFloor