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NFT marketplace Tensor announced it will issue a governance token.
In a post to X, Tensor Foundation teased issuing the TNSR token, though without providing many details. “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,” the organization said on Tuesday.
Tensor also said it has handled nearly $2.2 billion in trading volume for Solana NFTs. That’s more than $2 billion in additional trading compared to the mere $7 million in NFT volume Tensor said it had overseen as of last March. The marketplace launched in late 2022.
“To date, Tensor protocols have traded over $2 billion worth of Solana NFTs. In the last 90 days they facilitated over 70% of Solana’s NFT trading volume (wash trading removed),” Tensor Foundation also said in Tuesday’s post.
Trading volumes for Solana NFTs, which have always trailed far behind those for non-fungible tokens minted on Ethereum, have increased steadily since late last year. More than $200 million worth of Solana NFTs traded hands each month between December and February, according to CryptoSlam! data.
‘Blur of Solana’
Last March, Tensor, which branded itself as “the Blur of Solana,” announced it had raised $3 million in a seed funding round. Placeholder VC led the round, which also included Solana Ventures and Solana co-founders Anatoly Yakovenko and Raj Gokal.
The idea behind Tensor labeling itself as “the Blur of Solana” was part of a strategy to position its marketplace as one that caters to pro traders of Solana NFTs.
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About Author
RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master’s degree in Digital Sociology.