Tensor, an NFT Marketplace Funded by Solana, Announces a Governance Token
By YGG News • March 14, 2024
Tensor, an NFT Marketplace Funded by Solana, Announces a Governance Token
Tensor, an NFT marketplace focusing on Solana, has announced the launch of its governance token, TNSR, which is a significant advancement for the rapidly expanding NFT (non-fungible token) market. The release coincides with a spike in NFT trading activity, with over $2 billion worth of transactions on the Solana blockchain made possible by Tensor protocols.
TNSR Token is Unveiled by Foundation
On March 12, the Tensor Foundation created a stir when it unveiled TNSR, a governance token meant to empower the community and direct the advancement of Tensor’s protocols. After obtaining $3 million in funding from well-known investors including Placeholder VC, Solana Ventures, Alliance DAO, Big Brain Holdings, and even Solana’s co-founders, Anatoly Yakovenko and Raj Gokal, the effort attracted a lot of attention.
With wash trading excluded from its measurements, the foundation highlighted Tensor’s critical role in Solana’s NFT ecosystem and highlighted its contribution to a significant portion—reportedly over 70%—of the NFT trading volume on the platform.
Boosting the NFT Environment
Tensor hopes to develop a strong community of developers and producers committed to expanding the NFT area with the launch of TNSR. The organization made hints about the token’s function in encouraging community engagement, even while precise information about its launch schedule was withheld.
A Path from Hackathons to Widespread Acceptance
With $70,000 in prize money after winning two Solana hackathons in 2022, Tensor started up modestly. Ilja Moisejevs and Richard Wu founded the platform, which grew steadily in spite of obstacles like the demise of the FTX cryptocurrency exchange, which was vital to the Solana ecosystem.
Tensor’s decision to launch a governance token highlights its dedication to empowering its community and directing the course of Solana’s NFT ecosystem as the NFT market continues to change quickly. Stakeholders are excited about Tensor’s upcoming TNSR because it has the potential to significantly impact the NFT landscape going forward.
