As the cryptocurrency market regains momentum, the non-fungible tokens (NFTs) and gaming sectors are coming back to life. Saga (SAGA) and Tensor (TNSR), two tokens from the NFT and gaming sector, are preparing to be listed on major cryptocurrency exchanges.
This move could indicate that the NFT and gaming markets are ready to make big strides again.
SAGA and TNSR Prepare for Major Exchange Debut
Binance, a global cryptocurrency exchange, announced that it plans to list SAGA. Originally scheduled for 14:00 UTC on April 9, 2024, SAGA will now debut on the platform six hours earlier, at 08:00 UTC.
This change follows SAGA’s impressive performance on Binance Launchpool. Saga claimed to have attracted over $13 billion in BNB and First Digital (FDUSD) stablecoin staking in just 24 hours since its introduction on Binance Launchpool.
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Saga has positioned itself as the “L1 releasing the L1” to enable developers to easily create interoperable, proprietary chains called “Chainlets”. This focus on scalability makes Saga particularly attractive to the gaming sector as it enables streamlined game-specific blockchain development.
SAGA, the project’s native token, has a variety of roles including Chainlet payments, staking, and governance. In less than two years, over 350 projects have started building on the protocol, 80% of which are in the gaming space. Additionally, the project has established strategic partnerships with leading players such as Polygon, Avalanche, MarbleX, Com2uS, and Celestia.
On the other side, Tensor’s native token, TNSR, will be listed on OKX for spot trading. Deposits will open at 04:00 UTC on April 8, 2024, and TNSR/USDT spot trading will begin at 15:15 UTC.
Tensor is the NFT marketplace on the Solana blockchain, offering trading features such as candlestick charts, real-time data, and an automated market-making pool dedicated to NFTs. The platform offers incentives to users and boasts high liquidity with access to a collection of over 30,000 NFTs.
Backed by Alliance DAO, Solana Ventures, and other high-profile investors, Tensor’s $3 million seed round in 2023 signaled early confidence in the project. By January 2024, the market had already surpassed $140 million in annual trading volume.
Experts predict a surge in NFT growth. VCs are investing heavily in the Web3 gaming sector.
The resurgence of NFT and gaming projects this year is based on growing optimism about the sector. A study by S&P Global Market Intelligence highlighted how NFTs could soon enable cross-game item trading and seamless metaverse integration.
“In the long term, it is likely that one or more games will find the right gameplay to match the new item ownership model delivered by NFTs,” researchers at S&P Global Market Intelligence wrote.
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This new ownership model has tremendous potential. S&P Global Market Intelligence predicts that NFTs could grow from 3% of the overall in-game purchase market by 2022 to 8% by 2026.
Venture capitalists are also generating excitement. Prominent venture capitals (VCs) such as a16z and Hivemind Capital Partners have invested millions of dollars in NFT and Web3 gaming ventures, underscoring their belief in the future of the sector.
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