Sensorium Corporation, the company behind the highly anticipated digital metaverse Sensorium Galaxy, burned 4.2 billion SENSO tokens, reducing the current supply by 70%. To date, this is the largest coin burning in the history of cryptocurrencies, according to experts. Valued at dollars, this supply drop is estimated at $ 10 billion.
Altcoin project SENSO saw a stunning 5x growth in 2021 alone
As of this writing, SENSO is trading at $ 2.31. This ERC-20 token saw a dramatic 5X growth in 2021 alone. The altcoin has also become a popular choice among game-friendly owners, although the recent Bitcoin padollarma has spurred a significant price increase.
This coin burning comes as a crucial step in adjusting the SENSO supply following the token’s public sale cancellation. The project initially generated an abundant supply of 7.6 billion tokens that anticipated both private and public sales. Still, the second was thought to be no longer necessary. The project team adds the following to their explanations on the subject:
The initial private sale provided enough funding to support further product development. Therefore, our team now considers SENSO public sale with a suitable option.
SENSO accomplished the biggest coin burning in cryptocurrency history!
As Metaverse approaches its global version, Sensorium Corporation stated that SENSO will not only play a significant role in processing value transactions. A newly released Lightpaper captures new use cases for the token, such as issuing NFT, executing NFT marketplace transactions, and implementing a Decentralized Autonomous Organization (DAO). Alex Blagirev, acting CEO of Sensorium Corporation, said:
Blockchain technology allows us to make SENSO much more useful for Sensorium Galaxy attendees. Last year, our team has been working on a variety of options to ensure the smooth and valuable integration of cryptocurrency into Metaverse. SENSO is no longer just an on-platform currency, it is the fuel for all of our entertainment-focused Metaverse. It will allow users to create NFTs from avatars and the content they produce, and it will become an important part of the product.
Sensorium Corporation used this event to announce SENSO’s transition to a Substrate-based blockchain
In addition to burning the coin, Sensorium Corporation used this event to announce SENSO’s transition to a Substrate-based blockchain. While no details have been given about the new blockchains themselves, the company says they have lower fees, faster transactions, and compatibility with the widely popular Polkadot ecosystem.
Sensorium Galaxy has recruited top artists such as David Guetta, Armin van Buuren, Black Coffee and others in 2020. All these artists are expected to perform in PRISM, a virtual world dedicated to music and dances within the Sensorium Galaxy. Earlier this month, the project announced the closed beta of Metaverse. The avatar creation process for David Guetta was done in April. According to the information provided, the public launch of the Sensorium Galaxy will take place in the summer of 2021.