Tensor’s Token Rises to $640M in Trading Volume in 7 Hours

Credit: Phantom

Yesterday, a popular NFT marketplace on Solana, Tensor, airdropped its $TNSR token to users. According to reports, over $200 million was made available via airdrop rewards and one lucky trader was rewarded with more than $1 million in tokens.

The $TNSR token did nearly $640 million in total trading volume within seven hours of the airdrop. The first airdrop given to the community consisted of 125 million tokens out of the total token supply of 1 billion, or 12% of the supply. The tokens will be used by the community to manage the Tensor protocol and ecosystem.

The price at the time of writing of the new token is $1.78, down significantly from the high it touched yesterday of $2.45. Of course, the decline in price is not surprising given how common volatility is with new tokens.

The airdropped $TNSR tokens sent Crypto X abuzz yesterday with many Tensor users posting snapshots of how much they received in the airdrop. One fortunate Tensor user received 712,000 $TNSR tokens, worth around $1.2 million with the current price of $TNSR ($1.78).

Tensor launched in July 2022 with a marketing model similar to Blur: pro NFT trading, fast speeds, and the promise of future airdrops. It has quickly risen to become the top marketplace for NFTs on Solana.

In line with the airdrop, Tensor’s genesis ‘Tensorian NFT’ collection soared in value. According to data from CryptoSlam, Tensorian NFTs’ total sales volume were up 97% on the week and had a floor price of about 19 SOL.

Tensor users have 180 days to check to see if they’re eligible for the $TNSR airdrop and claim their tokens on Jupiter, a decentralized exchange aggregator. U.S. users of the marketplace cannot participate.

Web3 Platforms Reward Users with Airdrops

The token airdrop from Tensor is exciting news for the NFT marketplace, and especially for the lucky users who were rewarded with a hefty amount of $TNSR tokens. But Tensor isn’t the only Web3 platform that’s using token airdrops to reward its users. Here are three recent headlines about airdrops in Web3.

First, in February, Optimism launched a token airdrop to award Web3 creators building on its blockchain. The airdrop was estimated to be worth around $41 million, with the max rewards from any one user capped at around $21,900 (at the time of the airdrop).

Next, in January, competitor NFT marketplace Magic Eden announced traders can earn crypto tokens for activity and loyalty on the platform. The new token called ‘NFT’ will be rewarded to traders along with the “Diamond” rewards they already receive.

Finally, in February 23, Blur NFT marketplace began airdropping the Blur governance token to reward Ethereum NFT traders. The rewards were given to users who listed an Ethereum NFT for sale on Blur, bid on an Ethereum NFT on Blur, and even to traders who used a competing NFT marketplace before Blur’s launch.

As competition in the NFT space heats up, it’s important that platforms find ways to reward their users and keep them engaged. Airdropping tokens has become one of the most popular ways to do just that. At Rarity Sniper, we’ll keep our eye on Tensor and the $TNSR token and report back with any updates.