NFT industry leader becomes a floor discard, a battlefield full of trapped blood.

Once deified, long-lasting loneliness; a heavy regulatory hammer completely sends it to the cold palace.
Launching in 2024 directly ignites the entire Solana network, Tensor aggregates cross-chain NFT listings, bulk sweeps, NFT lending, all-in-one functions, crushing all NFT trading platforms of the same period, occupying nearly 60% of Solana's NFT trading volume.
Opening price surges straight to $2.116, VC institutions pile in heavily, KOLs collectively hype it, everyone believes it will double along the Solana NFT bull market, the narrative of 784 million tokens is wildly exaggerated, countless people buy in at $0.5 or $1, waiting to replicate Blur's hundredfold rally.
On-chain daily trading volume exceeds 100 million, community buzz floods Twitter, once ranking in the top hundred by market cap, it was the brightest star in the NFT track at that time.
NFT boom begins to retreat: AI Meme, RWA divert all funds, the NFT sector completely falls out of favor, on-chain trading volume shrinks sharply.
SEC regulatory crackdown lands: OpenSea and Tensor simultaneously receive regulatory inquiries, compliance risks for NFT trading platforms skyrocket, institutional funds frantically flee.

Continuous chip unlocking and selling pressure persist, VC and teams cash out in batches, each unlocking phase is accompanied by a sharp drop.

Two years of prolonged decline: from $2 all the way down by half, then halved again, lowest dropping to $0.027, current price only $0.035, players who once heavily invested have lost 98% of their principal, painful to cut losses, suffering in holding, completely trapped halfway up the mountain.
Now market cap ranks down to 701st, market share only 0.001%, newcomers in the circle even don’t know there was once such an NFT leader on Solana, only a group of deeply trapped old-timers in the community comforting themselves.
Contracts without backdoors, business with burn deflation, the track with rigid demand—so what?
Without main players controlling the market, all retail-held, no major whales or large holdings, no new narratives to attract incremental funds, facing massive trapped positions and regulatory minefields, no fundamental advantages can withstand ongoing market abandonment.
Short-term speculation can only quickly buy and sell to catch pulses, dreaming of long-term bottoming and doubling to escape losses will only drain principal in prolonged downturns, the dying end of a once-dominant NFT leader.