- NFT marketplace Tensor has disclosed plans to launch its own token called TNSR
- TNSR will be powered by Solana and its holders will have governance rights
- Tensor said that they expect billions of people to interact with NFTs in the future
Solana-based NFT marketplace Tensor has revealed plans to create a governance token called TNSR. Tensor’s manager, Tensor Foundation, disclosed that the token “will govern Tensor protocols,” adding that the collectibles exchange has facilitated trades worth more than $2 billion since its launch in 2022. According to the foundation, NFTs will power industries and products and attract billions of users, an observation that resembled that of Animoca Brands founder Yat Siu who recently said that NFTs are more than just glorified JPEGs since they have a place in the education and finance among other critical sectors.
The Future of NFT Trading
Announcing the plans in an X (formerly Twitter) thread, Tensor Foundation said that TNSR will be the future of NFT trading on the Solana blockchain. The Tensor community will have their say in the running of the platform through the foundation via the token.
Introducing $TNSR – the future of NFT trading.$TNSR will govern Tensor protocols that have already traded over $2bn worth of NFTs on the fastest, most scalable blockchain – Solana. pic.twitter.com/eff2IxGOwr
— Tensor Foundation (@TensorFdn) March 12, 2024
The foundation also disclosed it’ll fuel the adoption of NFTs by supporting “creators and builders.” Although the platform didn’t reveal more details about the token, it invited its users “to check their token allocation.”
Wash Trading to Earn Tokens
Tensor’s plans aren’t a common phenomenon in the NFT space with top collectibles marketplaces like Magic Eden and OpenSea yet to launch their own tokens. However, it joins the likes of Blur, who have native tokens.
NFT exchanges like Blur have in the past used their tokens to reward active traders through airdrops fueling NFT trading competitions marred with wash trades.
With the Tensor Foundation yet to reveal whether it’ll distribute TNSR based on trading volume, traders are likely to flock to the platform in anticipation of an airdrop.
