Solana

Foundation

<p class="is-style-lead">Backed by Solana founders, NFT marketplace Tensor has revealed the launch of its own token TNSR to govern protocols that have traded over $2 billion worth of NFTs.</p>
<p>In an X thread on Mar. 12, the Tensor Foundation revealed the launch of TNSR, a governance token for <a href="https://crypto.news/tag/solana/" target="_blank" rel="noopener noreferrer nofollow">Solana</a>-centric NFT marketplace Tensor, which raised a total of $3 million from a pool of investors like Placeholder VC, <a href="https://crypto.news/tag/solana-ventures/" target="_blank" rel="noopener noreferrer nofollow">Solana Ventures</a>, Alliance DAO, Big Brain Holdings and Solana co-founders Anatoly Yakovenko and Raj Gokal.</p>
<p class="is-style-default">The foundation notes that the latest development comes as Tensor protocols have facilitated over $2 billion worth of transactions in non-fungible tokens (<a href="https://crypto.news/tag/nft/" target="_blank" rel="noopener noreferrer nofollow">NFTs</a>) on Solana, making them a cornerstone of the rapidly growing NFT market.</p>
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   <p lang="en" dir="ltr">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.</p>— Tensor Foundation (@TensorFdn) <a href="https://twitter.com/TensorFdn/status/1767616704535040315?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 12, 2024</a>
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<p>With TNSR, the Tensor Foundation essentially wants to govern protocols adopted by its community. While the foundation did not disclose a specific timeline for the token launch, it dropped hints indicating that TNSR will play a pivotal role in incentivizing an ecosystem of creators and builders committed to the success of NFTs.</p>
<p>Built on Solana, Tensor asserts its role in facilitating a significant portion, reportedly over 70%, of Solana’s NFT trading volume, highlighting the exclusion of wash trading from this statistic. The debut of TNSR arrives following a craze surrounding misspelled celebrity memecoins, particularly those built on Solana. As crypto.news <a href="https://crypto.news/solanas-wen-memecoin-nears-100m-market-cap-following-launch/" rel="noopener noreferrer nofollow">reported</a> <a href="https://crypto.news/shib-memecoins-bonk-gains/" rel="noopener noreferrer nofollow">earlier</a>, some of these tokens experienced staggering price surges exceeding 1,000%.</p>
<p>Tensor’s journey was initially bootstrapped with $70,000 in prize money from winning two Solana hackathons in 2022. Founded by Ilja Moisejevs and Richard Wu, the platform gained traction even despite challenges like the <a href="https://crypto.news/ftx-saga-what-happened-to-ftx/" target="_blank" rel="noopener noreferrer nofollow">collapse</a> of the FTX crypto exchange, which played a crucial role in support of Solana.</p>
<p>Read more: <a href="https://crypto.news/nft-sales-decline-opensea-falls-to-the-4th-spot/" rel="noopener noreferrer nofollow"> NFT sales decline, OpenSea falls to the 4th spot </a></p>

Solana-backed NFT marketplace Tensor announces governance token

crypto.news

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