Tensor, a prominent NFT marketplace supported by Solana, has announced the introduction of its governance token, TNSR, aimed at overseeing protocols within its ecosystem. This development comes as Tensor’s protocols facilitated over $2 billion worth of NFT transactions on the Solana network.
In a recent announcement shared via an X thread on March 12, the Tensor Foundation disclosed the launch of TNSR, marking a significant milestone for the Solana-centric marketplace. Notably, the foundation 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 decision to introduce TNSR stems from Tensor’s pivotal role in the burgeoning NFT market, where its protocols have facilitated a substantial portion of Solana’s NFT trading volume, reportedly exceeding 70%. This achievement underscores Tensor’s commitment to fostering a robust and transparent ecosystem for NFT creators and builders.
With TNSR, the Tensor Foundation aims to incentivize community participation and ensure the long-term success of NFT initiatives on the Solana network. While a specific timeline for the token launch was not disclosed, indications suggest that TNSR will play a crucial role in driving engagement and governance within the ecosystem.
Founded by Ilja Moisejevs and Richard Wu, Tensor initially embarked on its journey with humble beginnings, bootstrapping its operations with $70,000 in prize money from winning two Solana hackathons in 2022. Despite encountering challenges such as the collapse of the FTX crypto exchange, a key supporter of Solana, Tensor persevered and emerged as a prominent player in the NFT space.
The introduction of TNSR signifies a significant milestone for Tensor and underscores its commitment to fostering innovation and transparency within the Solana NFT ecosystem. As the NFT market continues to evolve, Tensor’s governance token is poised to play a pivotal role in shaping the future landscape of decentralized digital assets.
