Solana NFT marketplace Tensor issuing TNSR governance token

Solana SOL +1.49% 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.