In a groundbreaking move, Tensor, an NFT marketplace backed by the co-founders of Solana, has announced the introduction of its governance token, TNSR. This initiative aims to steer the protocols that have already facilitated over $2 billion in NFT transactions, cementing Tensor’s position in the burgeoning NFT sector.
The announcement, made on March 12 via an X thread by the Tensor Foundation, marks a significant milestone for the Solana-centric marketplace. The launch of TNSR is not just a new chapter for Tensor but also a testament to the marketplace’s influence, having commanded over 70% of Solana’s NFT trading volume. This figure notably excludes wash trading, underscoring the platform’s commitment to genuine transactions.
Tensor’s journey, from its inception to becoming a linchpin in the NFT market, has been remarkable. The platform was initially propelled by a modest $70,000, secured through victories in two Solana hackathons back in 2022. Despite facing adversities, such as the fallout from the FTX exchange collapse, Tensor, under the guidance of founders Ilja Moisejevs and Richard Wu, has thrived, demonstrating resilience and innovation.
The introduction of TNSR is a strategic move by the Tensor Foundation to incentivize and empower a community of creators and builders dedicated to advancing the NFT ecosystem. Although a specific timeline for the token’s release was not disclosed, hints suggest that TNSR will play a crucial role in fostering a vibrant and successful NFT landscape.
The backing of Tensor by notable entities and individuals, including Placeholder VC, Solana Ventures, Alliance DAO, Big Brain Holdings, and Solana co-founders Anatoly Yakovenko and Raj Gokal, to the tune of $3 million, underscores the marketplace’s potential and the faith invested in its vision.
This development comes amidst the backdrop of a frenzy around meme coins, particularly those associated with Solana, which have seen astronomical price increases. However, Tensor’s focus remains on providing a robust platform for NFT trading, away from the speculative noise, aiming to further solidify its status as a cornerstone of the Solana ecosystem and the broader NFT market.
