Airdrop April Continues as Solana NFT Platform Tensor Launches Token

The airdrop is valued at $250 million with TNSR launching at a $2 billion valuation.

By: Pedro Solimano Loading...

 image depicting free money

Solana’s leading NFT platform, Tensor, has airdropped $250 million worth of TNSR tokens – 12.5% of the total supply – to early users, with the project currently trading at a $1.9 billion fully diluted valuation.

TNSR went live on April 8 at just over $1, soaring to $2.23 less than an hour later. The token has dropped as airdrop recipients claim and sell their tokens and is now changing hands for $1.84.

TNSR Price chart
TNSR Price

Eligible users can claim their TNSR airdrops here.

According to FlipsideCrypto, Tensor is Solana’s top NFT trading platform by a wide margin. Its total volume is 3.9 million SOL, translating to more than $2 billion. It comfortably beats the number 2 platform, Magic Eden, by more than 1.3 million SOL. Total trades on Tensor have surpassed 6.7 million, of which 6.5% have been tagged as wash trades.

Tensorians Crash 50%

Notably, an NFT collection linked to the project dubbed Tensorians – composed of 10,000 NFTs – crashed 50% today – trading at a floor price of 18 SOL, or roughly $3,200.

Disgruntled Tensorian holders took to Twitter today, denouncing that the ecosystem’s “biggest supporters” got diluted.

“Not one to complain about an airdrop, I know that [the Tensor team] worked hard, but why did you give a base of 420 tokens to people with a single tx and only ~1,100 tokens for a staked tensorian?” wrote the pseudonymous Mondoggg, co-founder of NFT platform Resonance Lab. “Feels like we got super diluted and you hurt your biggest supporters.”

Today’s airdrop represents 12.5% of the token’s total supply of 1 billion TNSR. The team has assigned 55% to the community, 27% to core contributors, 9% to investors and advisors, and 9% to reserves for future funding and development.

The remaining 42.5% earmarked for the community will be used for incentive programs, liquidity provisioning, and grants beneficial to the Tensor ecosystem.