The NFT marketplace Tensor, backed by Solana founders, has announced the introduction of its governance token TNSR, aimed at overseeing protocols that have traded more than $2 billion worth of NFTs.
In a discussion on X on March 12, the Tensor Foundation disclosed the debut of TNSR, serving as the governance token for the Solana-centric NFT marketplace Tensor. This initiative secured a total of $3 million from various investors, including Placeholder VC, Solana Ventures, Alliance DAO, Big Brain Holdings, and Solana co-founders Anatoly Yakovenko and Raj Gokal.
NFTs today are a niche community on the fringes of the web. NFTs tomorrow will power products, businesses and entire industries. NFT traders will go from thousands — to billions.
— Tensor Foundation (@TensorFdn) March 12, 2024
The foundation highlights that this recent development coincides with Tensor protocols facilitating transactions exceeding $2 billion in non-fungible tokens (NFTs) on Solana, solidifying their position as a fundamental aspect of the rapidly expanding NFT market.
To date, Tensor protocols have traded over $2bn worth of Solana NFTs. In the last 90 days they facilitated over 70% of Solana’s NFT trading volume (wash trading removed).https://t.co/m9LLxLweWA pic.twitter.com/DhqzBnaGTc
— Tensor Foundation (@TensorFdn) March 12, 2024
Through TNSR, the Tensor Foundation aims to govern the protocols embraced by its community. Although the foundation did not provide a specific timeline for the token launch, it hinted that TNSR would serve as a crucial incentive for creators and developers dedicated to the success of NFTs.
Based on Solana, Tensor asserts its significance in facilitating a substantial portion, reportedly more than 70%, of Solana’s NFT trading volume, emphasizing the exclusion of wash trading from this figure. The introduction of TNSR follows a trend surrounding misspelled celebrity memecoins, particularly those operating on Solana, with some experiencing remarkable price surges exceeding 1,000%.
Tensor’s journey initially began with $70,000 in prize money from winning two Solana hackathons in 2022. Founded by Ilja Moisejevs and Richard Wu, the platform garnered attention despite challenges such as the collapse of the FTX crypto exchange, which played a vital role in supporting Solana.
