Tensor: Solana’s “Blue” raises $3 million


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An NFT marketplace hosted on Solana raised $3 million from various VCs. Let’s take a look at this newcomer who intends to shake up the actors!

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Second fundraiser in a few months

Tensor, the NFT market claiming to be “Blurred by Solana just Raise $3 million to finance its development. Among the participants in this fundraiser, we see Placeholder VC, Solana Ventures, Alliance or even Anatoly Yakovenko and Raj Gokal, the two co-founders of Solana.

Tensor was founded last year and started raising money last November. A first raise in a context for the less complicated with FTX drop. Ilja Moisejevs, co-founder of Tensor, says:

Needless to say, our initial calls to investors were difficult, to say the least.

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Success inspires Ambiguity

compressor openly claim as Solana’s Obscurity regarding the new arrival of NFT markets on Ethereum. Tensor wants to address professional traders just like Blurry does. After 6 months of activity, Blur recorded a total trading volume of over $2 billion.

Monthly trade volume by NFT market on Ethereum (source: The Block)

OpenSea Blur recently caught on in terms daily sales volume. A sign of enthusiasm for this platform that aims to be number 1 on Ethereum.

Currently, Tensor’s trading volume stands at $7 million from launch in late 2022. Still figures moderate but does not undermine the confidence of its founders. The two co-founders, Ilja Moisejevs and Richard Wu, see NFTs as a market with great potential. The first declares that:

Anything digital and unique will be an NFT.

For Richard Wu, NFT markets still have progress to make. He judges those who are there still too slow and declares:

Professionals are not going to wait 30 seconds to confirm a transaction and pay thousands of dollars in fees that erode their trading profits. They want it to be Ferrari-like fast and very cheap, and Solana’s 400ms consensus is the only way to get it.

Solana: the best technology choice?

Solana present interesting technical characteristics which perfectly corresponds to the ambitions of the two businessmen. However, for the time being, the trading volume of NFTs is still there much weaker on Solana than on Ethereum. In addition, Solana regularly experiences various problems and breakdowns.

NFT trade volume by blockchain network (source: The Block)

Tensor is trying to follow the same aggressive strategy as Blur to attract users. The market recently launched a reward program for NT traders on Solana.

Tensor was funded with funds raised during two Solana hackathons. Currently, the platform works with a reduced staff especially composed of the two founders and Stringray, crypto trading. Its mission is to provide liquidity on the platforms.

We will carefully follow the next announcements of this newcomer to the increasingly competitive NFT market!

Source: The Block

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