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    What is Tensor? Overview of the NFT Marketplace on Solana

    ByElly Nguyen10/03/2023
    NFT has become one of the most prominent trends in the cryptocurrency market in recent years. However, NFT trading is still relatively new and complex. With the desire of users to conduct NFT transactions conveniently and efficiently, Tensor - an NFT exchange platform on the Solana network has been created.

    1. Idea

    Tensor is an NFTFi solution that provides users with a smooth, fast, and secure NFT trading platform, making NFT transactions simpler and more straightforward than ever. Let's explore more about the Tensor NFT exchange platform and the benefits it offers to users with Bigcoin below.

    1.1. What is Tensor?

    Tensor is an NFT trading platform on Solana - a highly scalable blockchain. With Tensor, professional NFT traders can find an efficient exchange to conduct their NFT transactions. This platform supports features such as exchange, auction, storage, conversion, and NFT management.

    What is Tensor?

    What is Tensor?

    1.2. Project details

    Dubbed as the "Blur of Solana," developed since February 2022, Tensor began by building its first product as an oracle platform for NFTs and previously won awards in the Riptide Hackathon. Subsequently, the company pivoted to developing an NFT trading platform for pro NFT traders on Solana. Starting from the desire to create a dedicated trading platform for NFTs with faster speed, improved features, and higher coverage.

    2. Products

    Tensor is a project on the Solana platform with two main products: Tensor Aggregator and Tensor AMM & Marketplace.

    2.1. Tensor Aggregator

    With Tensor Aggregator, users can aggregate liquidity from most major marketplaces on Solana with a user-friendly interface and real-time data updates. 

    Additionally, this product integrates TradingView and provides advanced analysis tools/charts for users. Tensor Aggregator does not charge fees on aggregated marketplaces, saving users costs.

    2.2. Tensor AMM & Marketplace

    The Tensor AMM & Marketplace product is the world's first e-commerce platform combining both AMM and NFT marketplace functionalities. 

    It allows auctions on collections as well as instant liquidity for sellers through the "sell now" button.

     Particularly, Orders are based on Bonding-curve, enabling DCA NFTs and providing a reward mechanism for early liquidity providers. 

    Additionally, Tensor AMM & Marketplace allows anyone to self-operate AMM and design fees. Notably, this product charges no execution fees (listing, bids, market-making) and only charges a 1% fee for takers.

    2.3. Transaction Fees

    When trading on Tensor, users will need to pay certain types of fees to execute NFT transactions. However, these fees will vary depending on the marketplace the user is trading on.

    - Tensor Trade (Aggregator): This platform will not charge buyers' transaction fees when trading on the aggregated marketplaces within the platform. Instead, users only need to pay the fee that the marketplace charges.

    - Tensor Swap (NFT AMM): Maximum 0.1% platform fee and 0.9% royalties fee for creators.

    2.4. Rarity ranking mechanism

    Tensor's Rarity Ranking mechanism is a tool to evaluate the price level of NFT collections based on the rarity rating system.

    Currently, Tensor supports 4 Rarity Rating systems for each collection. 2 mechanisms (HowRare and MoonRank methodology) are automatically calculated and available on each collection, and 2 mechanisms (Trait Normalized and Team Vision) are based on HowRare's API and are only applied to a few collections.

    As of now, Tensor can be said to support most collections in the Solana ecosystem (over 10,000+ collections).

    3. Evaluation

    3.1. Highlights

    - Tensor integrates over 10,000 NFT collections on Solana, making it easy for users to find and purchase NFTs they are interested in.

    - Tensor allows users to list new NFT collections immediately, making buying and selling NFTs on the platform more convenient.

    - Integrates 4 rarity ranking and evaluation systems for each NFT collection, enabling users to assess prices more accurately and make smarter buying decisions.

    - Has a user-friendly and easy-to-use interface, allowing users to access and use the service effortlessly.

    - Tensor provides the Sweep feature, allowing users to buy a large quantity of NFTs without manually operating on each NFT.

    - Provides real-time data and enhanced analysis tools for NFT collections on the blockchain, helping users make intelligent investment decisions.

    Điểm nổi bật

    Highlights

    3.2. Comparison with MagicEden and OpenSea

    - Custom fee shaping feature: Users can set the market-making fee rate from 0-25% when using TensorSwap, while MagicEden and OpenSea do not have this feature.

    - Points reward system: TensorSwap offers a points reward system for users for activities on the platform, mainly for setting orders. This encourages user interaction and usage on TensorSwap.

    - Low transaction fees: TensorSwap has the lowest transaction fees among these three platforms, with a 0.1% platform fee and a maximum 0.9% fee for content creators. Meanwhile, MagicEden and OpenSea have different fee levels depending on the transaction and NFT type.

    - Flexibility: TensorSwap allows users to customize various types of orders, including setting limits for entire collections and market-making orders. While MagicEden and OpenSea focus on more specific order types.

    4. Tokennomics

    4.1. General Information

    Token Name: Tensor

    Token Symbol: TNSR

    Total Supply: 1,000,000,000

    Blockchain: Solana

    Contract: TNSRxcUxoT9xBG3de7PiJyTDYu7kskLqcpddxnEJAS6

    4.2. Token Allocation

    Information about the tokenomics of $TNSR:

    - 55% of the total supply, equivalent to 550,000,000 $TNSR, for the community, with 12.5% of the total supply allocated for the initial airdrop. Users can claim the airdrop at https://claim.jup.ag/tnsr

    - 27% of the total supply for core contributors

    - 9% of the total supply (90,000,000 $TNSR) for investors & advisors

    - 9% of the total supply (90,000,000 $TNSR) reserved for fundraising and future development

    4.3. Token Allocation Schedule

    Core contributors, investors, and advisors: Linear vesting over 3 years with a 1-year cliff

    Half of the community treasury: Linear vesting over 3 years, no cliff

    The other half of the community treasury and reserves: No vesting schedule

    5. Development team development

    The development team of Tensor is larger and includes several experts and supporting staff.

    • Richard - Co-founder of Tensor, is an experienced software developer with expertise in the Solana platform. Prior to Tensor, Richard has worked at tech companies such as Google and Shopify.

    • Ilmol - CTO of Tensor, is a blockchain technology expert with extensive experience in building applications on the Solana platform.

    Additionally, Tensor also has several other supporting staff members in fields such as technical, design, and finance.

    6. Seed round

    Tensor has successfully completed a $3 million Seed Round funding. This funding round was led by Placeholder and included participation from Alliance, Solana Ventures, Big Brain Holdings, Monke Ventures, and other individuals in the Solana community, including Solana founders.

    7. Roadmap

    The rapid development of NFTs makes it challenging to establish a long-term roadmap. The project is gradually evolving to provide users with what they desire or what is essential for this market.

    Upcoming plans include:

    - Gamified incentives (points, lootboxes & NFTs)

    - Automation & NFT sniping

    - Margin / leverage

    - Perps / derivatives

    - Expansion to other chains

    - Notifications & alerts

    - Single login for multiple wallets

    - API for programmatic trading

    - Advanced trading analytics

    - Data export for tax & P&L management

    8. Ecosystem

    Company website: https://www.tensor.so/

    Main product website: https://www.tensor.trade

    Twitter: https://twitter.com/tensor_hq

    9. Conclusion

    Tensor is a project in the NFT space on the Solana blockchain, offering a diverse range of products including an aggregator liquidity platform and a unique AMM-integrated NFT marketplace. The founding team behind Tensor comprises experienced developers with involvement in various significant Web2 and Web3 projects, and they are also pioneers in the NFT community. Tensor is emerging as a prominent name in the NFT community and is one of the noteworthy projects to watch in the upcoming period.

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    Disclaimer: This article is for informational purposes only, not financial advice. Join the Bigcoinchat chat group to update the latest information about the market.

    Further discussion at

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    Telegram: https://t.me/Bigcoinnews

    Twitter: https://twitter.com/BigcoinVN 

    Elly Nguyen

    Elly Nguyen

    Builder at Bigcoin - Learning to share, sharing to learn

    5 / 5 (4binh_chon)

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