Tensor is an NFT marketplace built on Solana (SOL), aiming to provide traders and creators with a fast, cost-effective platform for buying, selling, and trading NFTs. Since launching in July 2022, Tensor has quickly risen to become the second largest NFT marketplace on Solana, behind Magic Eden. The Tensor Foundation announced that the total value of airdrop rewards in the first, second and third seasons exceeds 200 million US dollars. This data undoubtedly shows its strong appeal in the market.
Launch of TNSR Governance Token
Tensor generated over $640 million in transaction volume in just 7 hours after launching its governance token TNSR. This success goes hand-in-hand with the stellar performance of other projects in the Solana ecosystem, especially after the Meme Coin went live, which saw trading volumes soar into the millions. The launch of the TNSR token not only provides users with the opportunity to participate in governance, but also lays the foundation for the sustainable development of the platform.
Tensor’s main features: Tensor’s success is due to its innovative features and user-friendly design. Here are some key features:
Tensor AMM (Automated Market Maker)
Tensor AMM, also known as TensorSwap, is an automated NFT marketplace that allows users to trade NFTs at a lower cost. Unlike traditional NFT marketplaces like Magic Eden and OpenSea, TensorSwap enables users to reap benefits. Users can configure producer fees and earn rewards through activities on the platform, especially when placing orders. Additionally, TensorSwap ensures buy low and sell high, helping users automatically manage their NFT portfolios to offset emotionally charged transactions.
Price lock function: Tensor’s price lock function is an innovation that allows users to go long or short on the NFT price by locking the NFT for seven days. Users can choose to be Takers (users who purchase price locks) or Makers (users who fund price locks). This feature is expected to be launched on January 22, 2024, providing users with more trading flexibility and opportunities.
shared hosting
Shared hosting is an efficient way to bid for NFTs, allowing users to use the same SOL token pool for multiple bids, such as payment bidding and trait bidding. To ensure that bidding remains active, users need to ensure that the bidding amount does not exceed the available balance of the shared hosting account. Additionally, users can set purchase limits to avoid running out of shared hosting balances.
YOLO Buy-In: The YOLO Buy-In feature allows users to bid on their favorite NFTs for a non-refundable fee, based on a percentage of the listed fee. By placing multiple bids, users have a chance to win an NFT, with a success rate of up to 75%. Even if the bid is unsuccessful, users are still rewarded with Tensors, while manufacturers (the users who list the NFT) receive additional revenue from it.
Airdrops and royalties
Tensor has actively carried out airdrop activities since its launch. The first airdrop took place in September 2022, and the second airdrop took place in March 2023, attracting a large number of participants. As users' activity on the platform increased, the activity volume in the second quarter once surpassed Magic Eden. NFT creators can add or remove NFT coins through the Tensor platform, and even change the description of the created NFT, greatly improving the flexibility of creators.
Tensor also supports its creators through mandatory royalties. The buyer (pledger) pays royalties, market fees, and listing price, and collections may include optional royalties, with the buyer choosing the royalty rate to pay. This mechanism ensures the rights and interests of creators in transactions and also enhances the attractiveness of the platform.
Tensorian NFT Series
To enhance interaction with the community, Tensor has launched Tensorian’s NFT series, which consists of 10,000 NFTs and is specifically targeted at Tensor’s loyal community. By becoming a Tensorian NFT holder, users can unlock benefits such as staking, joining the Tensor community, and receiving rewards and exclusive merchandise. This community-driven model not only improves users' sense of participation, but also lays the foundation for the long-term development of the platform.
Conclusion
Tensor has quickly become the second largest NFT market on Solana through its innovative approach to leveraging blockchain technology for NFT transactions and its community-focused airdrop reward model. With the launch of features like price locking and TensorSwap AMM, Tensor is poised to change the way NFTs are traded. As more liquidity continues to flow into Solana, Tensor will become a popular project that attracts more users and investors.
Through continuous innovation and optimization, Tensor is bringing new possibilities to NFT transactions, and its future development is worth looking forward to.