Tensor, Solana’s NFT marketplace, has surpassed Magic Eden in trading volume for the first time, accounting for 51% of the Solana NFT market’s daily trading volume. The platform’s adoption of a strategy similar to Blur, recent funding announcement, and airdrop rewards for users have contributed to its growth.
NFT Marketplace Movements
Solana’s NFT marketplace, Tensor, has achieved a major milestone by overtaking Magic Eden in trading volume for the first time.
According to Flipside on April 26, the Tensor market accounted for 51% of the daily trading volume of the Solana NFT market, according to data from Flipside. This impressive feat was made possible by the platform’s adoption of a strategy similar to that of Blur, coupled with its recent funding announcement in early March.
Since the announcement, Tensor’s transaction volume and active users have increased significantly, with cumulative active users reaching a new high of 20,000 in April. Tensor offers airdrops to incentivize users and reward them for meeting certain conditions. This season, users can expect to receive new rewards, which will increase activity on the platform.
Less than two weeks into Season 2, Tensor has already become Solana’s second-largest NFT marketplace after Magic Eden. Despite the lack of a tool to calculate the display of airdrop points, users can start hunting immediately, with the number of points determining the rarity of the “secret boxes” that they will receive as rewards.
Sales on Tensor have increased tremendously since the start of Season 2, with the total number of sales surpassing 300% of the total sales made in Season 1. The one-week sales period of Season 2 has also been promising, with the total sales equaling 41% of the total sales of Season 1.
This achievement comes at a time of massive attention for Solana’s NFT marketplace. Tensor recently raised $3 million in a seed round led by Placeholder investment fund, with participation from Solana Ventures, Big Brain Holdings, and MonkeVentures. With the platform’s growing popularity and successful strategies, Tensor is poised to be a thriving ecosystem for NFT enthusiasts in Season 2 and beyond.
About Tensor:
Tensor claims its mission is to become the trading venue for the pro-NFT trader.The team started Tensor become as they were themselves flipping NFTs daily and weren’t satisfied with existing tooling. They wanted something faster, with better coverage, more data, and advanced order types, and so Tensor was born.
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