Tensor, a prominent NFT marketplace on Solana, has announced the launch of its governance token TNSR, backed by the founders of Solana. This token will govern the protocols that have facilitated over $2 billion worth of NFT transactions on the platform.

The Tensor Foundation, supported by investors like Placeholder VC, Solana Ventures, and Alliance DAO, unveiled TNSR to incentivize creators and builders within the NFT ecosystem. With over 70% of Solana’s NFT trading volume attributed to Tensor, the platform aims to exclude wash trading from its statistics.

Initially funded with $70,000 from winning Solana hackathons, Tensor has overcome challenges like the collapse of the FTX crypto exchange to establish itself as a key player in the NFT market. The launch of TNSR marks a significant milestone for the platform, as it continues to shape the future of NFT trading on Solana.

As the NFT market evolves, platforms like Tensor are at the forefront of driving innovation and growth within the industry. Stay tuned for more updates on the latest developments in the world of cryptocurrencies and NFTs on Global Crypto News.

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