As crypto markets regain momentum, the non-fungible token (NFT) and gaming sectors are experiencing renewed excitement. Saga (SAGA) and Tensor (TNSR), two tokens in the NFT and gaming sectors, gear up for listings on major crypto exchanges.
This move could indicate that the NFT and gaming markets are ready to make major strides again.
SAGA and TNSR Prepare for Major Exchange Debuts
Binance, a leading global crypto exchange, announced the advancement of Saga’s (SAGA) listing. Initially set for April 9, 2024, at 14.00 UTC, SAGA will now make its debut on the platform 6 hours earlier, at 08.00 UTC.
This change follows SAGA’s impressive performance on Binance Launchpool. Within just 24 hours of its introduction on Binance Launchpool, Saga claimed it had attracted over $13 billion worth of BNB and First Digital (FDUSD) stablecoin staking.
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Saga positions itself as an “L1 to launch L1s,” enabling developers to easily create dedicated, interoperable chains called “Chainlets.” This focus on scalability makes Saga particularly appealing to the gaming sector, as it allows for streamlined game-specific blockchain development.
SAGA, the project’s native token, has multiple roles, including Chainlet payments, staking, and governance. Over 350 projects have begun building on its protocol in less than two years – 80% of which are within the gaming space. Moreover, the project has forged strategic partnerships with major players like Polygon, Avalanche, MarbleX, Com2uS, and Celestia.
On another front, TNSR, Tensor’s native token, is set to be listed on OKX for spot trading. Deposits will open on April 8, 2024, at 04.00 UTC, followed by TNSR/USDT spot trading at 15:15 UTC.
Tensor is an NFT marketplace on the Solana blockchain, offering trading features like candlestick charts, real-time data, and NFT-specific automated market-making pools. The platform incentivizes users and boasts deep liquidity with access to over 30,000 NFT collections.
Tensor’s $3 million seed round in 2023, backed by Alliance DAO, Solana Ventures, and other notable investors, signaled early confidence in the project. By January 2024, the marketplace had already surpassed $140 million in annual trading volume.
Experts Forecast NFT Growth Surge; VCs Bet Big on Web3 Gaming Sectors
This year’s resurgence in NFT and gaming projects builds upon growing optimism for the sectors. Research from S&P Global Market Intelligence noted how NFTs could soon unlock cross-game item trading and seamless metaverse integration.
“Over the long term, one or more games will likely find the right gameplay to match the new item ownership model that NFTs convey,” researchers at S&P Global Market Intelligence wrote.
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This new ownership model has immense potential. S&P Global Market Intelligence predicts NFTs could grow to 8% of the total in-game purchase market by 2026, up from 3% in 2022.
Venture capitalists are also fueling the excitement. Prominent venture capitals (VCs) such as a16z and Hivemind Capital Partners have invested millions in NFT and Web3 gaming ventures, underscoring their belief in the future of these sectors.
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