Breakpoint 2024: Product Keynote: Tensor (Richard Wu)

In a groundbreaking move, Tensor, the leading NFT marketplace on Solana, has announced the full open-sourcing of its protocols and the launch of a new grant program, revolutionizing the NFT ecosystem.

Summary

Richard Wu, co-founder of Tensor, delivered a game-changing keynote at Breakpoint 2024, revealing that Tensor has open-sourced all five protocols powering its ecosystem. This bold move aims to create a truly open NFT marketplace, allowing developers to build on top of Tensor's infrastructure without any restrictions.

The open-sourcing initiative is accompanied by comprehensive documentation, including JavaScript and Rust SDKs, making integration seamless for developers. Tensor is also providing a free, fully-specked web2 API, enabling rapid development and even the ability to clone Tensor's entire front-end in a single day.

Perhaps most significantly, Tensor has introduced a revolutionary 50/50 fee split model. Half of all marketplace fees will now go directly to developers building on the Tensor protocol, creating a powerful incentive for innovation in the NFT space.

To further support the developer community, the Tensor Foundation has launched a grant program, offering funding for projects building on top of their protocols. This comprehensive approach positions Tensor at the forefront of NFT marketplace development on Solana.

Key Points:

Full Open-Sourcing of Tensor Protocols

Tensor has taken the bold step of open-sourcing all five protocols that power its NFT marketplace ecosystem. This move is a testament to Tensor's commitment to creating a truly open and decentralized NFT environment on Solana.

The open-sourced protocols are designed to be fully permissionless, meaning developers can start integrating with them immediately without any need for approval or communication with Tensor. This democratizes access to high-quality NFT infrastructure and paves the way for rapid innovation in the space.

Comprehensive Developer Resources

Understanding the importance of developer experience, Tensor has gone above and beyond in providing resources to support integration. They've created both JavaScript and Rust SDKs, allowing developers to choose their preferred language when building on top of Tensor's protocols.

In addition to the SDKs, Tensor is hosting a free and fully-specked web2 API. This powerful tool enables developers to rapidly prototype and build applications, with Richard Wu even suggesting that it would be possible to clone Tensor's entire front-end in a single day using these resources.

Revolutionary Fee Split Model

In a move that could reshape the economics of NFT marketplaces, Tensor has introduced a 50/50 fee split model. Under this new structure, 50% of all marketplace fees will go to the Tensor Foundation treasury, while the other 50% will be directed to the developers building on top of the Tensor protocol.

This innovative approach creates a powerful incentive for developers to build on Tensor, as they can now directly benefit from the success of their applications. Whether creating a gaming marketplace, a Discord bot, or any other NFT-related application, developers will receive half of the fees generated through their integration with Tensor.

Tensor Foundation Grant Program

To further support the growth of its ecosystem, the Tensor Foundation has officially launched a grant program. This initiative aims to provide financial support to developers and teams building innovative applications on top of Tensor's protocols.

The grant program demonstrates Tensor's commitment to nurturing a vibrant developer community and accelerating the pace of innovation in the NFT space on Solana. It provides an additional incentive for developers to explore new use cases and push the boundaries of what's possible with NFT technology.

Facts + Figures

• Tensor is the leading NFT marketplace on Solana
• Tensor has processed over $2 billion in trading volume
• Tensor is the number one marketplace across all of crypto in terms of royalties distributed to creators
• All five of Tensor's core protocols have been open-sourced
• Tensor provides both JavaScript and Rust SDKs for developer integration
• A free, fully-specked web2 API is available for rapid development
• The new fee split model allocates 50% of fees to developers building on Tensor
• Popular applications like Drip, Dialect, Backpack, and Solflare have already integrated Tensor as a first-class citizen
• The Tensor Foundation has launched a grant program to support developers

Top quotes

• "Tensor is now fully open sourced. We have open sourced all five of the protocols that power the Tensor ecosystem."
• "These protocols are truly and fully permissionless, which means you don't have to talk to us at all. And you can start integrating on top of these protocols immediately."
• "We have completely changed up the business model for NFT marketplaces. There is now a 50/50 fee split."
• "50% of all fees go to the Tensor Foundation treasury, and 50% of all fees go directly to you as the dev."
• "Tensor Foundation has officially opened up their grant program."

Questions Answered

What has Tensor announced at Breakpoint 2024?

Tensor has announced the full open-sourcing of all five protocols that power its NFT marketplace ecosystem. This move allows developers to freely build on top of Tensor's infrastructure without any restrictions. Additionally, Tensor has introduced a new 50/50 fee split model and launched a grant program to support developers.

How does Tensor's new fee split model work?

Tensor's new fee split model allocates 50% of all marketplace fees to the Tensor Foundation treasury and 50% directly to the developers building on top of the Tensor protocol. This applies to any application integrated with Tensor, whether it's a gaming marketplace, Discord bot, or any other NFT-related service, creating a strong incentive for developers to build on the platform.

What resources is Tensor providing for developers?

Tensor is providing a comprehensive set of resources for developers. This includes both JavaScript and Rust SDKs for easy integration, as well as a free and fully-specked web2 API. These tools enable developers to rapidly build and prototype applications on top of Tensor's protocols, with Richard Wu suggesting it's possible to clone Tensor's entire front-end in a single day using these resources.

What is the Tensor Foundation grant program?

The Tensor Foundation has launched a grant program to provide financial support to developers and teams building innovative applications on top of Tensor's protocols. This program aims to nurture the developer community and accelerate innovation in the NFT space on Solana. Developers can apply for grants to fund their projects built on Tensor's infrastructure.

What types of applications can be built on Tensor's protocols?

Tensor's open protocols support a wide range of NFT-related applications. Some possibilities include vertical marketplaces for specific types of NFTs (like in-game assets or tokenized collectibles), advanced trading platforms (such as collateralized NFT lending protocols), and innovative tools like Telegram and Discord bots for creating NFTs from chat. Tensor is also open to novel ideas and encourages developers to explore new use cases.

How has Tensor performed in the NFT market?

Tensor has established itself as the leading NFT marketplace on Solana, processing over $2 billion in trading volume. Notably, Tensor claims to be the number one marketplace across all of crypto in terms of the amount of royalties distributed back to creators, highlighting its commitment to supporting artists and content creators in the NFT space.

Which platforms have already integrated with Tensor?

Several popular applications and wallets in the Solana ecosystem have already integrated Tensor as a first-class citizen. These include Drip, Dialect, Backpack, and Solflare. This early adoption by key players in the ecosystem demonstrates the potential and appeal of Tensor's open protocols.