NFT Marketplace Tensor To Issue Governance Token

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, its representatives said. In a post on X (formerly Twitter), the Tensor Foundation said more details about the token issue would be coming “soon.” It is not specified whether there will be an airdrop.

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 entering the market. Over the past 90 days, the platform accounted for more than 70% of the total NFT trading volume on the Solana network, the developers note. The project management talks about rapid growth and the need for further development of the marketplace.

According to CryptoSlam, NFT trading volumes on Solana have jumped since last December, exceeding $200 million monthly. The cumulative figure for the entire history exceeded $5 billion back in February. However, in terms of NFT market share, Solana is inferior not only to the clear leader Ethereum, but also to the Bitcoin blockchain.

Image: SolanaFloor

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