• Tensor is an NFT trading platform on the Solana blockchain
• Already more than 6.6 million dollars trading volume
• The NFT market is projected to reach $8.1 billion in sales by 2027
What is tensor?
Tensor is an NFT trading platform built on the Solana blockchain that offers advanced features such as TradingView integration and an out-of-the-box artist royalty system. The founders, Ilja Moisejevs and Richard Wu, who together have ten years of experience working on trading infrastructure and data-intensive systems, aim to redefine trading in NFTs on Solana. Since launching in June 2022, Tensor has already traded over $6.6 million in NFT volume and already has over 30,000 monthly active users. Tensor’s focus? To create a platform that is used and supported by the community by having customers financially and creatively involved in the platform. As Techcrunch reports, the founders want to define the next meta level for Solana NFTs and are convinced that NFTs have much more potential that has not yet been realised. With a strong focus on usability and customer support, the company strives to be one of the best NFT trading platforms out there.
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The raising of capital
According to Techcrunch, the founders of Tensor have found that many applications on Solana are mere imitations of Ethereum. Interestingly, after FTX collapsed, Tensor started raising capital. Some investors in the seed round belong to the Solana Ventures group, while others come from Alliance DAO, Big Brain Holdings and the founders of Solana. However, much of the money comes from angel investors or clients who have used the platform from the start. In a seed round led by Placeholder, Tensor has now raised an additional $3 million and has enough funds to grow the platform. Additionally, Tensor is already making money from fees generated on the platform. Although the team currently consists of only three people, it has already generated over a million dollars in annual sales. The fact that Solana’s founders also invested in the seed round shows their confidence in Tensor’s potential and its contribution to the further development of the Solana ecosystem. Tensor plans to continue growing its team and expanding the platform’s offerings to meet user needs and unleash the full potential of NFTs on Solana.
The NFT market and the Solana blockchain
According to Statista forecasts, the NFT market will generate revenue of $3.546 billion in 2023 and grow at an average annual rate of 22.82 percent through 2027. This will reach an estimated total turnover of 8.068 billion dollars by 2027. The average revenue per user in the NFT segment will be $70.46 in 2023. The USA is expected to have the highest sales in this segment with $1.005 billion in 2023. The number of users in the NFT segment is estimated at 64.45 million users by 2027. User penetration will be 0.7 percent in 2023 and increase to 0.8 percent by 2027.
NFT aggregator CryptoSlam claims that Solana is the third largest blockchain for NFTs by revenue volume with total revenue exceeding $3.7 billion. However, over the past 30 days, sales volume has decreased by 47.7 percent to $76.5 million. Despite this development, there is still a lot of interest in NFTs, which is an indication that this is not a passing fad. The Solana platform aims to create a trading and technological infrastructure for NFTs, thereby unlocking the next trillion dollar asset class. Should Tensor continue to serve the needs of the NFT community and provide a platform focused on the needs of creators and collectors, it could benefit from the expected growth in the NFT market.
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