Tensor Raises $3M For Solana-Focused NFT Trading Platform

Tensor Raises $3M For Solana-Focused NFT Trading Platform

The Solana blockchain will be the primary focus of Tensor, a business that has acquired $3 million in seed funding to develop an NFT (non-fungible token) trading platform. Electric Capital was the primary investor in Tensor’s fundraising round, with several others. Tensor will use the funds to complete development of its NFT trading system and increase its presence in the Solana ecosystem. With its maximum bandwidth and scalability, Solana, a fast, low-cost blockchain, has gained favour in recent months. Because of the platform Tensor is developing, customers of Solana will be able to trade NFTs without incurring excessive trading costs. This is a significant benefit over other block chains that impose prohibitive transaction fees, limiting its appeal to retail NFT traders.

Solana-focused NFT trading software Tensor reportedly raises $3 million in seed round lead by Placeholder, as reported by TechCrunch. Alliance DAO, Big Brain Investments, Solana Ventures, and Solana’s Raj Gokal and Anatoly Yakovenko joined the round as well. Solana’s popularity and the need for a cheap NFT trading platform are two of the many variables that will affect Tensor’s platform’s overall success. Tensor’s platform, on the other hand, has the potential to become a key participant in the NFT industry in light of the increasing interest in NFTs and the increasing usage of Solana.

Tensor, a company with three employees, won between $60,000 and $70,000 at two Solana hackathons in 2022. Wu believes that Tensor’s current yearly run rate of over $1 million is more than sufficient to meet all of the company’s financial obligations. It was in 2022 that Richard Wu and Ilja Moisejevs established Tensor, an NFT trading platform with a special emphasis on the Solana token. Traders can take advantage of its many premium features, such as collection-wide bids, market-making orders, and TradingView connectivity. Moisejevs claims that it has 30,000 unique users per month and over $6.5 million in NFT volume in total.

While many Solana initiatives have merely aped Ethereum, “Solana NFTs may be so much more,” Wu added, describing the platform’s goal. He continued, saying that Tensor expects NFTs to become the “next trillion-dollar asset class,” and that the company’s mission is to build the necessary trading and technology infrastructure to support that. When asked about the similarities between their platform and Blur, Tensor responded by saying they aim to be “similar but different” for Solana. The Tensor team, for instance, considers it a core value to be “financially” and “motivationally” aligned with its users and to view them as partners rather than as customers. Some have drawn parallels between Tensor and the Blur marketplace, which recently caused a stir in the NFT industry by instituting a relatively low creative licence rate of 0.5%. After initially testing out modest creator royalty payments, Tensor has shifted to a “fully enforced royalties standard.”

Several 2023 Fundraising Rounds Have Been Successful

Tensor and its users will benefit greatly from this additional round of investment. But, this is not the only Web3 startup to raise money and succeed this year. Many stories regarding recent investment rounds for Web3 ventures have been published on Rare Sniper. Classic online game Neopets, which was launched in 1999, closed a $4 million starting round in February, with Polygon Ventures as the round’s lead investor. The money will be used to develop a play-to-earn game where players can invest in Neopets NFTs and earn cryptocurrency as a result of their participation. This is a rundown of the day’s most important news.

First, in February, Prisms VR, a virtual reality (VR) learning platform, closed a $12.5 million Series A fundraising round headed by a16z. New technologies like virtual reality and 3D experiences are at the centre of the company’s mission to raise the bar for math education in the United States.

Last but not least, “Hub72+ Digital Assets,” a $2 billion fund for Web3 firms, was recently formed by Abu Dhabi’s worldwide technology ecosystem, Hub71. It’s clear that the Web3 industry is a hot topic, with numerous funding rounds being successfully completed. If Tensor can compete with other NFT trading platforms, only time will tell. Yet, it looks that the platform has enough funding to compete for the time being. Binance Labs, the Ton Foundation, and the Venom Foundation have all invested in the fund, which will provide assistance to entrepreneurs at all stages, from inception to unicorn status.

NFT Trading Reaches Record High of $2B in February, Fueled by Blur

NFT Trading Reaches Record High of $2B in February, Fueled by Blur

A brief overview of NFT trading and the recent surge in trading volumes

Non-fungible tokens (NFTs) have created a buzz in blockchain technology and cryptocurrency. These unique digital assets have gained significant popularity and interest among investors and collectors alike. NFTs allow unique digital assets to be bought and sold, with ownership and authenticity tracked on a blockchain. In recent months, NFT trading volumes have surged, with February 2022 seeing a record high of $2 billion in trading volumes. One platform that has contributed to this surge in trading volumes is Blur, a marketplace for buying and selling NFTs.

The role that Blur has played in this surge and its approach to NFT trading

Blur, a leading platform for NFT trading, has played a significant role in the record-breaking surge of NFT trading volumes in February 2023. The company’s innovative approach to NFT trading has captured the attention of both seasoned and novice investors, leading to a surge in interest and activity on its platform.

Founded in 2021, Blur is an NFT marketplace that has quickly gained popularity for its user-friendly platform and wide range of trading options. The primary purpose of this organization is to provide fair opportunities for everyone to get involved in and make the most of the NFT market. It seeks to ensure that NFTs are available to all, regardless of their background.

Also Read: NFT Research Instrument NFT Inspect is closing down

By encouraging inclusivity and diversity, the organization seeks to ensure everyone has a fair opportunity to participate in the NFT space. The organization is committed to making NFTs more accessible to a wider audience to increase their reach and impact on a global scale. Blur has achieved this by removing the technical barriers that have traditionally made NFT trading difficult for non-technical users, such as complicated wallet setups and high gas fees.

One key feature that sets Blur apart from other NFT marketplaces is its unique approach to fractionalized ownership. Blur allows users to purchase fractional ownership of high-value NFTs, enabling investors to own a share of a valuable asset they might not have been able to afford otherwise. It has helped to attract new investors to the NFT space and has contributed to the surge in trading volumes.

Also Read: From Digital Art to Royalties: Exploring the Impact of NFT Marketplaces

In addition to its user-friendly platform and innovative approach to fractionalized ownership, Blur has distinguished itself through its partnerships with major artists and brands. These partnerships have helped to drive interest and demand for NFTs on the platform and have contributed to the surge in trading volumes.

Overall, Blur’s approach to NFT trading has been instrumental in the surge in trading volumes seen in February 2023. The company’s user-friendly platform, fractionalized ownership options, and partnerships with major artists and brands have helped to make NFTs more accessible and attractive to a wider audience, leading to record-breaking trading volumes on its platform.

The potential for continued growth in the NFT market and how Blur and other companies are positioning themselves to capitalize on this growth

The NFT market has been growing at an unprecedented pace and shows no signs of slowing down. With trading volumes hitting a record high of $2 billion in February, it is clear that investors and collectors are flocking to the NFT space in droves.

The NFT market has been experiencing significant growth lately, which can be attributed to various factors, such as a surge in mainstream acceptance, the availability of user-friendly platforms, and the rise of a vibrant community of NFT enthusiasts. As more artists, musicians, and celebrities embrace NFTs to monetize their work and engage with fans, the market is only expected to grow.

Companies like Blur are positioning themselves to capitalize on this growth by offering innovative and user-friendly platforms for buying, selling, and trading NFTs. Blur, in particular, has distinguished itself with its focus on music-related NFTs, partnering with artists and labels to create unique and valuable digital collectibles.

But it’s not just about the platforms themselves. Companies in the NFT space must also stay ahead of the curve regarding technological innovation, security, and regulatory compliance. As the NFT market matures and attracts more mainstream attention, these factors will become increasingly important.

One area of particular interest is the integration of NFTs with other DeFi products and services. As more use cases for NFTs are discovered, the potential for continued growth in the market becomes even more exciting.

In conclusion, the NFT market is experiencing explosive growth, and companies like Blur are at the forefront of this trend. These companies are leveraging innovation, user experience, and compliance to take advantage of the NFT market’s growth, which is continuing to evolve and open up new possibilities. They are well-positioned to capitalize on the NFT market’s increasing potential with their cutting-edge solutions.

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Solana Trading Volume Tumbles, Is Bonk Token Responsible?

Solana Trading Volume Tumbles, Is Bonk Token Responsible?

Solana Trading Volume Tumbles, what is the reason?

The native currency of Solana, SOL, was selling at $20.98 there at the time of the publication. In the cryptocurrency market, there are approximately 340 meme coins. Trading platforms located in Solana are experiencing a sharp decline in trade volume, which has decreased by almost 18% from the prior month. According to its trading activity, the newly formed cryptocurrency with a dog motif is ranked 2630th.

The Solana blockchain’s initial dog-themed coin was created, called Bonk. The launch took place in the final part of 2022. The token values surged after its launch, while trading activity plummeted. Even though Bonk is merely another meme token, the Solana Blockchain might benefit from its rising demand because it is dreamed of seeing the blockchain succeed.

Others currencies and tokens experienced a sharp gain at first but were unable to keep up with the hoopla; some even vanished. Furthermore, it is too premature to make any judgments about Bonk’s prospects or if it will be responsible for saving Solana.

Reasons for Solana tumbles

Although the shifting market situation was the first catalyst, the structure of crypto investments—which lack significance and necessitates a constant flow of new participants to maintain prices—is what really caused the meltdown. Digital assets known as cryptocurrencies pretend to be currency.
From the outset, rising demand for the idea has driven up the cost of these products, making some early investors wealthy.

They are now typically marketed as financial assets instead of monetary assets as a consequence. But lately, the value of well-known cryptocurrencies plummeted.
We must comprehend the characteristics of cryptocurrencies as assets in order to fully comprehend what is taking place. When evaluating investments in finance, we frequently consider the accompanying future cash flows. For instance, we try to project how much cash a company could produce in the future in order to determine the value of a stake in a business.

There are a few financial assets that don’t generate cash flows yet are nevertheless valuable to investors, like gold. This occurs frequently because considerable historical data shows that their price typically increases when the value of other assets declines. Therefore, using them in an investing strategy can lower the risk for the client.

This may counteract the lower expected value brought on by the lack of cash flows, based on the tolerance for risk of participants. These things are indeed commodities since their owner would still find a use for them despite the fact that nobody wanted to acquire them.
Cryptocurrencies stand out when seen as an investment, but not necessarily in a good manner. They rarely give the owner any rights to free cash flow, seem to not increase in value while other assets decline, and have no intrinsic worth other than the price someone else is capable of paying for them.
This implies that in order maintain prices at their current level, the bitcoin ecosystem needs a constant influx of fresh investment. Prospective buyers who are prepared to pay a greater price are the only ones who can generate good returns.

Also Read: Solana Futures OI Surpasses $200M: Are Traders Bullish?

This essentially entails making multiple investments using depositor funds, similar to how a partial reserve bank operates where only a portion of deposits are backed by cash. This means that it is available for withdrawal. It is another kind of debt because it creates liabilities.
Simply said, the present decline in cryptocurrency prices is the outcome of this negative-sum, debt-driven economy unravelling. The amount of fresh money that enters the system has decreased due to the growing expense of living, higher interest rates, as well as the return to normalcy following the epidemic.

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Customers of FTX initiate class-action lawsuits in order to receive preferential damages.

Customers of FTX initiate class-action lawsuits in order to receive preferential damages.

Futures Exchange (FTX): definition and connotation

FTX Trading Ltd., or FTX, is a bankrupt firm that operated a cryptocurrency exchange and hedge fund in the past. The exchange was founded in 2019 and had over one million clients at its peak in July 2021, ranking it third in terms of volume. FTX was founded in Antigua & Barbuda and has its headquarters in the Bahamas. FTX is closely related to FTX.US, a separate exchange for US citizens. FTX has been in Chapter 11 bankruptcy proceedings in the US court system since November 11, 2022.

Concerns were raised after a CoinDesk report published in November 2022 said that FTX’s partner business Alameda Research owned a considerable chunk of its assets in FTX’s native coin (FTT). Following this discovery, rival exchange Binance’s CEO Changpeng Zhao said that Binance will liquidate its token holdings, prompting a surge in client withdrawals from FTX.

FTX was unable to satisfy consumer withdrawal requests. Binance signed a letter of intent to buy the business, with due diligence to follow, to guarantee that clients’ cash could be recovered from FTX in a timely way, but Binance retracted its offer the next day, citing claims of mismanaged customer funds and US government investigations. On December 12,2022, founder Sam Bankman-Fried was detained for financial crimes by Bahamian authorities at the behest of the US government.

John J. Ray III, the current CEO of FTX, specializes in recovering cash from bankrupt firms. Ray stated that he had never witnessed such a catastrophic failure of business controls and such a complete lack of trustworthy financial information as occurred here.

Customers of FTX launch a class action lawsuit to have their payments prioritized.

Four FTX clients have launched a class action lawsuit seeking priority recovery for $2 billion in unpaid consumer payments. The claim was filed in the United States Bankruptcy Court for the District of Delaware, where FTX is now in bankruptcy proceedings. Retail customers who experienced financial losses as a result of FTX and sister business Alameda Research’s bankruptcy filing “should not have to stand in line” with other creditors waiting for cash recovery, according to the complaint.

Former Alameda Research CEO Caroline Ellison told investigators that customer cash at FTX was misused to bridge financial deficiencies in the closely related investment firm Alameda Research. The illicit FTX transfers to Alameda, according to the plaintiffs, were in flagrant violation of FTX’s own customer agreements and terms of service, as well as common law and basic principles of honesty and fair dealing. In mid-December, a committee of unsecured creditors was constituted for over 100 businesses that had invested in the defunct exchange and its related activities but had no security for what FTX owed them.

According to the court petition, “cash and assets traceable to consumers that were never owned by FTX or Alameda and do not belong to the estates should be put aside entirely for the customers,” and Wronged clients should be given top priority over any additional monies owed or is recovered by [the group of related debtors]. Sam Bankman-Fried, co-founder of FTX and Alameda, is facing a slew of fraud charges that may land him in prison for up to 115 years. Earlier last month, Ellison and FTX co-founder Gary Wang pled guilty to criminal and civil charges, adding to Bankman’s already significant legal weight.

Even if all users begin withdrawals, Binance will not go bankrupt: CZ

Even if all users begin withdrawals, Binance will not go bankrupt: CZ

Binance is a cryptocurrency exchange that is the largest in the world in terms of daily cryptocurrency trading volume. It was founded in 2017. It’s headquarters is in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who previously built high frequency trading software. Binance was created in China, but it quickly shifted its headquarters before the Chinese government imposed restrictions on cryptocurrency trading.

Binance was investigated for money laundering and tax evasion by the US Department of Justice and the Internal Revenue Service in 2021. In June, the UK’s Financial Conduct Authority ordered Binance to cease all regulated business in the country. Binance supplied client information, including names and addresses, with the Russian authorities in 2021.

Binance coin (BNB)

Binance has released two cryptocurrencies that it created: Binance Coin (BNB) and BinanceUSD (BUSD). BNB debuted in July 2017 as an Ethereum currency before transitioning to the Binance Smart Chain (BSC) in September 2020. BSC was eventually combined with the older Binance Chain and re-launched as the BNB chain. BNB Chain employs “Proof of Staked Authority,” a hybrid of proof of stake and proof of authority. It has 21 validators who have been approved. Binance Coin was the cryptocurrency with the third greatest market capitalization as of 2021. Binance allows its users to pay fees for BNB exchanges.

BSC works with the Ethereum virtual computer and supports smart contracts (EVM). There have been several concerns about Binance Smart Chain’s level of centralization, which has resulted in several network vulnerabilities.

Even if all users begin withdrawals, Binance will not go bankrupt: CZ

Changpeng Zhao, the CEO of Binance, concurred with the rest of the crypto-verse that the exchange had a difficult year. The market was thrown into disarray earlier this month as a result of the massive withdrawal streak. Despite assurances to the community concerning the exchange’s reserves and stability, CZ got a similar query yet again.

CZ was questioned during a recent AMA session, “If Binance users withdraw their cash at the same time, would it collapse/go bankrupt? In a nutshell, no,” said the CEO of the world’s largest bitcoin exchange. “We have more than 100 percent reserves on every currency that we hold on behalf of our users,” CZ stated, explaining how the exchange will be fully OK. So feel free to go at any moment.”

As previously stated, Binance saw a rise in withdrawals from December 12 to December 14. During this time, the exchange lost a total of $6 billion. The key cause, according to reports, was speculation over the exchange’s reserves. However, like CZ, a spokesman for Binance confirmed that user assets are backed by 1:1.

Furthermore, as seen in the accompanying data, Bitcoin outflows rose in November and December 2022. However, if Binance is forced to close, money in the Trust Wallet would be protected, according to CZ.

‘Never touch user funds,’ CZ advises his colleagues.

The FTX crisis and its subsequent ripple effect created market uncertainty. The cryptocurrency community was eager to see how Binance would handle this situation. CZ emphasized the importance of staying out of such a circumstance in the first place.

Nonetheless, CZ emphasized the need of being “transparent, open, and communicative” when handling billions of dollars in customer cash. He said that there are a few standards in business to never breach those includes never handle user monies. Keep them safe, separate, and run a healthy and sustainable company. Take no shortcuts.

CZ elaborated on the upcoming year, stating that 2022 will be a terrible year. As a result, he hopes that beneficial occurrences occur during 2023. More builders and developers will be needed to create user-friendly systems for ordinary people.

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