Tensor, the top NFT platform on Solana, recently made headlines by rewarding its early users generously. They distributed $250 million in TNSR tokens, which is 12.5% of the total supply.
A Sudden Rise and Minor Setback For Tensor Users
The launch of TNSR tokens on April 8 saw their value quickly climb from just over $1 to $2.23. However, as recipients began to claim and sell their tokens, the price adjusted to $1.84. Despite this slight drop, the project still boasts a $1.9 billion fully diluted valuation.
Eligible users have not missed out, as they can still claim their TNSR airdrops. This generous move by the NFT platform shows its dominance in the Solana NFT market. According to FlipsideCrypto, Tensor leads by a substantial margin with a total volume of 3.9 million SOL, worth more than $2 billion. It comfortably outpaces its closest competitor, Magic Eden, by over 1.3 million SOL.
Challenges Amid Growth
The journey has not been smooth for all involved. The Tensorians NFT collection, associated with the platform, saw a 50% price drop today. The floor price now stands at 18 SOL, or approximately $3,200. This led to some dissatisfaction among Tensorian holders, who felt undervalued by the airdrop distribution.
A notable complaint came from a co-founder of Resonance Lab, who pointed out the disparity in token distribution. They highlighted that individuals with single tx received a base of 420 tokens, while staked Tensorian owners only got about 1,100 tokens. This has sparked discussions about fairness and support within the Tensor ecosystem.
The airdrop is just a part of Tensor’s broad plan to involve the community. Tensor has solidified its position as Solana’s premier NFT marketplace. Also, it processes 60-70% of the blockchain’s daily NFT transactions. The platform’s dominance stems from its $3 million funding round in March 2023 and notable performance in the Solana Hackathon.
Launched in July 2022, Tensor quickly rose to prominence, now offering a professional trading experience. With Bitget exchange preparing to list TNSR, the platform’s reach is set to expand further. Moreover, this move represents a significant step for Tensor, cementing its place in the digital art and NFT market.
