Biggest Token Burning in History: Sensorium Burns Over $10B Worth of SENSO Tokens; Reveals NFT Functionality

Sensorium Corporation, the corporate behind the highly-anticipated digital metaverse Sensorium Galaxy, has burned 4.2 billion SENSO tokens decreasing the prevailing provide by 70%. To date, that is the biggest token burning in your entire historical past of cryptocurrencies. In greenback worth, this provide shedding is estimated at $10 billion.

As of this writing, SENSO trades at $2.31. This ERC-20 token has seen a surprising 5X progress in 2021 alone. While the latest Bitcoin increase might need stimulated the notable worth enhance, the token has additionally grow to be a preferred alternative amongst gaming-friendly holders.

This token burn comes as an important step to regulate SENSO provide following the token’s public sale cancellation. The mission had initially generated an ample provide of 7.6 billion tokens foreseeing each non-public and public gross sales forward. Yet, the latter was thought-about not vital.

“The first private sale provided sufficient funds to support further product developments. For that reason, our team no longer considers the public sale of SENSO tokens a viable option,” the group wrote in a press release.

Less provide, extra use circumstances, blockchain migration

With the metaverse approaching its international launch, Sensorium Corporation specified that SENSO wouldn’t solely play a necessary function in processing worth transactions.

A freshly printed Lightpaper outlines new use circumstances for the token, akin to NFT minting, executing NFT market transactions, and implementing a Decentralized Autonomous Organization (DAO).

“Blockchain technology enables us to make SENSO a lot more useful for participants of Sensorium Galaxy. In the past year, our team has been working on various options to ensure seamless, valuable integration of the token to the metaverse. SENSO is no longer just an in-platform currency but the fuel of our entire entertainment-focused metaverse. It will allow users to create NFTs from avatars and the content they reproduce, becoming an essential part of the product.” mentioned Alex Blagirev, Deputy CEO at Sensorium Corporation.

Apart from the token burn, Sensorium Corporation used the event to announce the migration of SENSO to a Substrate-based blockchain. While no particulars had been offered on the brand new blockchain itself, the corporate confirmed it gives decrease charges, quicker transactions, and compatibility with the broadly standard Polkadot ecosystem.

In 2020, Sensorium Galaxy onboarded chart-topping artists akin to David Guetta, Armin van Buuren, Black Coffee, amongst many others. All these performers are anticipated to carry out at PRISM — a digital world devoted to music and dances inside Sensorium Galaxy.

Earlier this month, the mission introduced a closed beta model of the metaverse. A sneak peek of the avatar creation course of for David Guetta — the primary artists to carry out on the platform — was additionally launched in April. The public launch of Sensorium Galaxy is scheduled for the summer season of 2021.

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