Solana NFT marketplace has rolled out its TNSR token with a whopping $200 million in tokens available through airdrop rewards, and a trading volume exceeding $640 million in just about seven hours since its launch.
The Airdrop season continues to reign supreme in the crypto industry, and today was no exception with the launch of the Tensor token. The Tensor rewards model is finally paying off as NFT traders unlock their Solana tokens, with one trader cashing in over $1 million.
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Similar to BLUR on Ethereum, Tensor introduced a rewards initiative divided into seasons 1 through 4, kicking off on March 4 after the first season concluded. At the end of each season, participants received loot boxes essential for crafting Tensorian NFTs. Holders were rewarded for stashing and showcasing their NFTs.
New Tokens Price Volatility: Data Analysis
According to CoinMarketCap, the current price of TNSR stands at $1.94 per token, which is 33% below its peak of $2.45. Newly minted tokens are usually known to fluctuate in value, so there’s nothing unusual about this.
On the flip side, new tokens can have varying starting prices depending on the data source you use, given the wild volatility of early markets. CoinGecko, for instance, shows an initial price of $1.19 and reports that the tokens have surged by 36% since then.
Lucky Holder Bags Tokens Worth $1.15 Million
One fortunate Tensor user received 712,000 TNSR tokens, now valued at approximately $1.15 million, as the Solscan blockchain explorer confirmed. Whether this marks the largest one-time distribution to a trader remains unclear.
Curious if you have a shot at getting TNSR? You can confirm eligibility or check your distribution status on this page here. You’ll then have 180 days to apply on the decentralized exchange aggregator Jupiter. Note: Users from the US are not eligible for the airdrop.
According to the Tensor team, the TNSR token will operate on a community-driven model, overseeing essential Tensor protocol parameters, and allocating 55% of its total supply of 1 billion tokens to the community. The initial airdrop comprises 125 million tokens, or 12.5% of the total.
In today’s economy, token giveaways have become a pivotal step for NFT markets and projects to garner attention and relevance, historically shaking up the space. However, it’s still unclear how significantly this drop will alter the dynamics of the NFT market landscape.
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While Tensor may be headlining the news cycle today, cross-chain competitor Magic Eden continues to demonstrate a strong presence across multiple blockchain networks lately. Magic Eden isn’t just on Solana but also on Bitcoin due to its order books and runes, as well as within the Ethereum ecosystem. The real mystery is how to keep everyone interested once the initial token hype dies down.
Tensor’s community-driven approach and innovative rewards model are capturing attention with impressive trading volumes and airdrop rewards totaling hundreds of millions of dollars. As Tensor and its competitors like Magic Eden continue to make waves across various blockchain ecosystems, the challenge remains in sustaining interest and engagement beyond the initial token frenzy.
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