The Tensor Foundation, a new organization backing the eponymous Solana NFT marketplace, revealed its plans for the TNSR token in a Twitter thread on Tuesday. The new account has been rebranded as Tensor's official Twitter account.
In the year Launched in 2022, Tensor is fiercely competing with NFT megasite Magic Eden and others to become a destination for Solana NFTs. According to NFT Explorer Tiexo data, Tensor currently holds 33.49% of the NFT market share, compared to Solana's 62.16%.
“NFTs are a great community at the edge of the web today,” said the Tensor Foundation account. “NFTs will power tomorrow's products, businesses and entire industries. NFT traders go from thousands – to billions.
Tensor did not immediately respond to Decrypt's request for comment.
The foundation hasn't mentioned airdrop plans for TNSR, but it did announce a “Season 1 airdrop” last May, which gave Solana NFT collectors a chance to claim free prize boxes commensurate with their trade activity.
The Tensor Foundation highlighted the speed and low cost of the Solana blockchain, calling it the critical trading infrastructure for NFTs and one of the only blockchains with the efficiency, speed and low fees necessary for mass adoption.
“To date, Tensor protocols have traded more than $2 billion worth of Solana NFTs,” the Tensor Foundation said. “They have facilitated over 70% of Solana's NFT trades in the last 90 days (wash trades removed).”
The Tensor Foundation says the organization will adopt Tensor protocols with the Tensor community using TNSR as its governance token.
The Tensor Foundation “goes beyond managing the critical infrastructure and fostering an ecosystem of innovators and builders dedicated to making NFTs a success,” Tensor Foundation said. “Web3 is about connecting – and building together.”
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