Tensor, a startup focused on non-fungible token (NFT) trading on the Solana blockchain, has raised $3 million in a recent funding round. The funding was led by venture capital firm Placeholder, with participation from other notable investors such as Solana Ventures and Big Brain Holdings.
Tensor aims to make NFT trading more accessible and streamlined for both creators and buyers. The platform is built on Solana, a high-performance blockchain that enables fast and low-cost transactions. According to Tensor's co-founder, Richard Wu, the platform is "trying to define the next meta for Solana NFTs.”
NFTs have exploded in popularity in recent years, with high-profile sales and auctions reaching tens of millions of dollars. However, the current NFT market is fragmented, with multiple platforms and standards that can be confusing for buyers and sellers. Tensor hopes to address this issue by providing a unified and user-friendly platform for NFT trading.
“What’s interesting about Solana NFTs, and NFTs in general, is that despite macro conditions there’s still excitement in the space and that’s indicative that NFTs aren’t a fad, there is something here,” Wu said. “For us, we want to provide the trading infrastructure and technological infrastructure for NFTs going forward. We think this is going to be the next trillion-dollar asset class and we want to be the financial trading rails for it.”
With the new funding, Tensor plans to expand its team and further develop its platform. The company is also exploring partnerships with other Solana-based NFT projects and plans to launch new features in the coming months. They intend to become the "Blur of Solana," and have followed a similar path with airdrops to incentive volume and liquidity, which you can read more about here.
Overall, Tensor's funding round is a promising development for the growing NFT ecosystem on the Solana blockchain. The platform's focus on accessibility and user-friendliness could help drive adoption and growth in the NFT market.