With the support of Solana founders, the NFT marketplace Tensor has announced the launch of its own token, TNSR, to oversee the protocols that have facilitated over $2 billion in NFT trades.
In a recent announcement on Mar. 12, the Tensor Foundation introduced TNSR, a governance token for the Solana-focused NFT marketplace Tensor. The project secured $3 million in funding from investors such as Placeholder VC, Solana Ventures, Alliance DAO, Big Brain Holdings, and Solana co-founders Anatoly Yakovenko and Raj Gokal.
The foundation highlighted that Tensor’s protocols have enabled over $2 billion in NFT transactions on Solana, establishing them as a key player in the rapidly expanding NFT market.
TNSR is designed to govern the protocols utilized by the Tensor community. While no specific timeline for the token launch was provided, hints suggest that TNSR will incentivize creators and builders dedicated to the success of NFTs.
Operating on Solana, Tensor claims to facilitate a significant portion, reportedly more than 70%, of Solana’s NFT trading volume, with wash trading excluded from this figure. The introduction of TNSR follows a trend of popularity surrounding misspelled celebrity memecoins, particularly those on Solana, with some experiencing remarkable price surges exceeding 1,000%.
Tensor’s journey began with a modest $70,000 prize from winning two Solana hackathons in 2022. Founded by Ilja Moisejevs and Richard Wu, the platform gained traction despite challenges like the collapse of the FTX crypto exchange, which was a crucial supporter of Solana.
For more information, read our article on Bitcoin leading the charge in the booming NFT market.