Tensor is a specialized NFT marketplace aggregator built on the Solana network. It offers a launchpad for users to mint NFTs, provides tools for customizing NFT royalties, and features an AMM-style liquidity pool system.
Binance Lists TNSR with a Seed Tag
Binance announced the listing of Tensor (TNSR), with spot trading commencing on April 8, 2024, at 15:30 UTC. Trading pairs include TNSR/BTC, TNSR/USDT, TNSR/FDUSD, and TNSR/TRY. Withdrawals will open at 15:30 UTC on April 9, 2024.
An Overview of the Tensor Solana NFT Marketplace
What is Tensor (TNSR)?
Tensor is an NFT marketplace aggregator on the Solana blockchain, designed specifically for professional traders to buy, sell, and trade NFTs. In simple terms, it is a platform that allows users to engage with the Solana NFT ecosystem. The project was co-founded by Ilja Moisejevs and Richard Wu in 2022.
While the Solana NFT space has several established players, Tensor has recently gained significant attention. This is not only due to its Binance listing but also because of its impressive platform performance.
By November 2023, data indicated that Tensor had surpassed Magic Eden to become the leading NFT marketplace on Solana by monthly trading volume. It processed approximately $1 million in transactions that month, accounting for 60% of all Solana NFT trades.
Although Tensor's share of the 24-hour trading volume has since adjusted to around 30%, it continues to dominate in other key metrics. It boasts nearly 68% of all unique wallets interacting with Solana NFT marketplaces and leads in the number of active buyers, sellers, and daily transactions.
When compared to Blur, a major NFT marketplace on Ethereum, Tensor's recent 24-hour volume was eight times higher. This growth trajectory, while similar to Blur's earlier performance, highlights Tensor's potential and has fueled investor optimism for an NFT market resurgence.
Initially launched for professional traders, Tensor has evolved based on community feedback. The founders have worked to make the platform more accessible to retail traders, a shift that has contributed to its widespread adoption.
Key Advantages of the Tensor Platform
Tensor offers a "Lite" mode, which features a sleek interface and streamlined functionalities tailored for casual users. This dual approach—catering to both professionals and newcomers—has been instrumental in its rise to the top of Solana's NFT market.
Being built on the Solana blockchain, Tensor benefits from the network's high scalability. This results in fast transaction speeds and significantly lower fees compared to other blockchains.
The platform hosts over 30,000 collections and provides users with two viewing options: a simplified view and an advanced view. The advanced view is packed with professional-grade tools, including an automated market maker (AMM), support for compressed NFTs, and real-time arbitrage features.
A pioneering feature of Tensor is its integration of an AMM model directly into its marketplace. This allows users to provide liquidity for both buy and sell orders within specific NFT collections, thereby enhancing market depth.
As an aggregator, Tensor scans multiple marketplaces to find the best prices for NFTs. It currently aggregates liquidity from TensorSwap, HadeSwap, HyperSpace, MagicEden, and Solanart, ensuring users get optimal rates.
Regarding creator royalties, Tensor is one of the few Solana marketplaces that fully enforces them. It allows creators to set their own royalty fees, up to 50%, when minting. The platform also respects royalties set on other marketplaces, automatically forwarding fees to the original creators on every sale.
Potential Drawbacks of Tensor
Like all decentralized systems, Tensor is not immune to risks. Smart contract vulnerabilities could potentially be exploited by hackers. While the platform has undergone audits by firms like OtterSec and Sec3, no system can guarantee 100% security.
Users who provide liquidity via its AMM system are exposed to impermanent loss. This common DeFi risk means that providing liquidity does not always guarantee a profit, especially in volatile NFT markets.
Everything You Need to Know About the TNSR Cryptocurrency
What is the Tensor Token (TNSR)?
TNSR is the native governance token of the Tensor ecosystem. It has a maximum supply of 1 billion tokens. The Tensor Foundation introduced TNSR in March 2024 as the new governance token for its protocols, which have facilitated over $2 billion in NFT trades on Solana.
Holding TNSR grants users voting rights within the protocol's governance system. This allows the community to propose and vote on changes, upgrades, and adjustments, giving them a direct say in Tensor's future development.
The Highly Anticipated TNSR Airdrop
The Tensor Foundation emphasizes the token's role in managing its Solana-based protocols and fostering Web3 interoperability for NFT creators.
In March 2024, the protocol launched its "Season 1" airdrop. It rewarded users who had traded Solana NFTs on any marketplace in the preceding six months, with users of TensorSwap receiving 25-50x more rewards.
The tokenomics for TNSR are structured as follows:
- 55% (550,000,000 TNSR) for the community, with 12.5% allocated to the initial airdrop.
- 27% (270,000,000 TNSR) for core contributors.
- 9% (90,000,000 TNSR) for investors and advisors.
- 9% (90,000,000 TNSR) for the treasury and future development.
The vesting schedule is:
- Core contributors, investors, and advisors: 3-year linear vesting with a 1-year cliff.
- Half of the community treasury: 3-year linear vesting, no cliff.
- The other half of the community treasury and reserves: No vesting.
Evaluating the Potential of the Tensor Project and TNSR Token
Despite its drawbacks, which are common across most NFT marketplaces, Tensor presents a compelling investment case for several reasons.
First, it employs advanced AI/ML models to provide real-time NFT pricing. These models evaluate critical data points like rarity, listing status, sales history, popularity, historical bids, and unique traits.
Second, the platform is built for speed. Trades are processed in seconds, and its support for compressed NFTs unlocks a wider range of use cases, making the NFT space more accessible to a broader audience.
Third, NFTs are revolutionizing numerous sectors, including collectibles, digital art, gaming, and real estate. Tensor is positioned at the forefront of this digital transformation on the high-speed Solana blockchain. For those looking to dive deeper into the mechanics of such innovative platforms, you can explore more strategies for engaging with NFT marketplaces.
Frequently Asked Questions
What makes Tensor different from other NFT marketplaces like Magic Eden?
Tensor differentiates itself by acting as an aggregator, sourcing liquidity from multiple marketplaces to ensure users get the best prices. It also combines a professional trading interface with a beginner-friendly "Lite" mode and integrates AMM liquidity pools, a feature not commonly found on other platforms.
How do I qualify for future TNSR airdrops?
While future airdrop criteria are set by community governance, active participation is key. Regularly trading NFTs on the Tensor platform, especially using TensorSwap, and engaging in the ecosystem are the best ways to potentially qualify for future rewards.
What is the main utility of holding TNSR tokens?
The primary utility of TNSR is governance. Token holders can propose and vote on changes to the Tensor protocol, such as fee structures, new feature implementations, and treasury management, giving them direct influence over the platform's direction.
Is Tensor only for experienced NFT traders?
No. While it offers advanced tools for professional traders, its dedicated "Lite" mode is designed to be intuitive and easy to use for beginners, making the Solana NFT ecosystem accessible to everyone.
What blockchain is Tensor built on?
Tensor is built exclusively on the Solana blockchain, which allows it to offer fast transactions and very low fees, enhancing the overall user experience for buying and selling NFTs. To get started with digital assets on advanced networks, view real-time tools that can help you navigate the space.
Are creator royalties enforced on Tensor?
Yes. Tensor is one of the few marketplaces on Solana that fully enforces creator-set royalties. It also respects royalties from NFTs minted on other platforms, ensuring creators are compensated fairly.