Founded by Ilja Moisejevs and Richard Wu, Tensor, a prominent NFT marketplace supported by Solana’s co-founders Anatoly Yakovenko and Raj Gokal, has announced the introduction of its governance token, TNSR. This initiative marks a significant milestone for the platform, which has garnered widespread attention within the crypto community.
The Tensor Foundation disclosed the launch of TNSR in a detailed statement on March 12th. This governance token is designed to oversee the protocols governing Tensor’s operations, which have facilitated an impressive $2 billion in NFT transactions on the Solana blockchain. The foundation emphasizes that TNSR’s introduction is a strategic move to empower its community and foster further growth in the NFT space.
Backed by prominent investors such as Placeholder VC, Solana Ventures, Alliance DAO, and Big Brain Holdings, Tensor has emerged as a key player in the Solana ecosystem. Its success is underscored by its role in facilitating over 70% of Solana’s NFT trading volume, with a notable absence of wash trading.
The journey of Tensor began modestly, with the founders initially bootstrapping the platform with prize money from winning Solana hackathons in 2022. Despite facing challenges such as the collapse of the FTX crypto exchange, Tensor has persevered and thrived, demonstrating its resilience and commitment to innovation in the burgeoning NFT market.
The launch of TNSR represents a pivotal moment for Tensor, signaling its dedication to fostering a vibrant ecosystem of creators and builders. While specific details regarding the token launch timeline have not been disclosed, the foundation has hinted at its significance in incentivizing participation and driving the success of NFTs on Solana.