Solana NFT Marketplace Tensor’s Token Debuts to $640 Million in Trading Volume

Airdrop season continues to dominate the crypto industry, and today is no different with the arrival of Tensor’s token launch. The Solana NFT marketplace launched its TNSR token, with more than $200 million worth of tokens up for grabs via airdrop rewards and over$640 million worth of trading volume on the market in the seven hours or so since it launched.

TNSR is currently priced at $1.60 per token, according to data from CoinMarketCap, down 33% from a high of $2.45. Newly launched tokens are typically known for their fluctuating values, so this isn’t unusual.

On the other hand, new tokens sometimes notch varying starting price points depending on the data source you use, since the markets are so volatile at the start. CoinGecko, for example, shows a starting price of $1.19, and reports that the token has spiked 36% since then.

Similar to BLUR on Ethereum, Tensor introduced a rewards initiative, split through seasons 1 to 4, dating back to March 4, when Season 1 dropped. At the end of each season, participants received loot boxes, essential for creating a Tensorian NFT. Holders were rewarded for holding and staking the NFT.

You can claim your allocation here – https://t.co/6WOlpEsA2o

Be vigilant and do not click any other links.

— Tensor Foundation (@TensorFdn) April 8, 2024

One lucky Tensor user received 712K TNSR tokens, currently worth about $1.15 million worth of tokens, as verified through blockchain explorer Solscan. It’s unclear whether it’s the largest single allocation to a trader.

According to the Tensor team, the TNSR token will be used by the community to manage key parameters of the Tensor protocols, with 55% of its 1 billion supply given to the community. The initial airdrop is 125 million tokens, or 12.5% of the total supply.

See also  Louis Vuitton-Affiliated Château d’Esclans And BlockBar To Sell $22,000 NFT Rosé Barrel

Wondering if you’ve got TNSR to claim? You can verify your eligibility or check your allocation on this page here. Then, you will have 180 days to claim on decentralized exchange aggregator Jupiter. Note: United States users are not eligible for the airdrop.

In today’s attention economy, dropping tokens has become a key move for marketplaces and NFT projects to grab engagement and relevance. This strategy has historically shaken up the space. Yet, it’s still unclear how significantly this drop will alter the dynamics within NFT marketplace standings.

Tensor may be leading the news cycle today, but cross-chain rival Magic Eden continues to demonstrate a strong presence across multiple blockchain networks of late. Magic Eden is not only on Solana, but also on Bitcoin through its Ordinals and Runes presence and in the Ethereum ecosystem too. The real puzzle is figuring out how to keep everyone interested once the initial buzz around a token drop fades away.

Edited by Andrew Hayward

Source link