Trading numbers on Tensor reach an all-time peak following the debut of TNSR
In an exciting development for the Solana blockchain, Tensor, a prominent NFT marketplace, launched its governance token, TNSR, on April 8. This move is expected to further fuel the platform's growing popularity.
The launch of TNSR comes with an airdrop opportunity for users who have been actively engaging with Tensor. Users can qualify for the airdrop by earning points through trading and bidding on NFTs.
Tensor's dominance in the Solana NFT market is evident, with the platform leading in terms of the number of traders and executed trades. The surge in activity on Tensor is likely a result of the upcoming launch of its governance token, TNSR.
The most traded NFT collection on Tensor currently, 'Froganas,' has seen a significant price drop of 72% since January. However, this decline in price has not deterred traders, as trading volumes increased in March. The average cost of NFT collections and individual NFTs listed on Tensor has been decreasing, making them more accessible for retail traders.
Trading volume on Solana's two leading NFT marketplaces, Tensor and Magic Eden, started to gain traction in February, as previously reported. As of the beginning of April, Tensor had a market share of over 90% in terms of unique traders.
Examining the most popular collections by 7-day trading volume on Tensor reveals that prices of 10 out of the top 15 collections have been declining over the last week. For example, Bears Studio and Worms from Holes have dropped in value by over 40%.
Crypto exchange OKX has announced that it will list TNSR starting on April 8, providing another avenue for users to acquire the governance token.
Tensor Trade experienced a record number of traders on April 3, as reported by SolanaFloor. The number of traders on Tensor has been increasing since the end of 2023, surpassing 6,000. Despite a decline in trading volume in SOL terms since the all-time high established in mid-December last year, the platform continues to attract a significant number of users.
As Tensor moves forward with its governance token launch, it remains to be seen how this will shape the future of the Solana NFT market. With its growing user base and increasing affordability of NFTs, Tensor is poised to continue its dominance in the space.
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