Tensor Reclaims Market Share with Announcement of Season 4, Tensorians Up 14%

Amidst a stagnant NFT market, popular Solana NFT marketplace Tensor revealed further details surrounding their ongoing Season 4 rewards program. Market participants reacted positively, with traders returning to the platform and boosting Tensor market share.

Market Reacts to Tensor Season 4 Announcement

In the wake of the NFT trading platform’s hotly anticipated $TNSR airdrop, Tensor market share slumped, tumbling from its December highs of 65% to hover around the 23% mark earlier this month. 

Alongside the trader exodus, the value of Tensorians, the platform’s NFT collection, also plummeted. 

Tensorian floor price dropped over 60% in the days following April's $TNSR airdrop, slipping from 40 SOL to as low as 14 SOL, before slowly consolidating to find support around the 10 SOL mark.

However, the revelation of further details around Season 4 has been met with a change of sentiment. In response to the announcement, volume has returned to the marketplace in force with Tensor handling over 5,500 SOL in trades in the last 24 hours. 

The frenzy of trading activity has dramatically improved Tensor’s market share, which is up to 43.35% over a 24HR period, compared to 24.45% on a 30D time frame, based on Tiexo data. 

Meanwhile, Tensor data suggests the platform has flipped competitor Magic Eden, reclaiming the crown as Solana’s leading NFT marketplace.

Following suit, the floor price of the Tensorian NFT collection also surged 14% on the back of the news, with traders looking to take advantage of the boosted trading rewards the collection provides.

New Season, New Changes

While Tensor’s Season 4 rewards program has already been underway for several months, details and performance-tracking metrics surrounding the event have been somewhat vague. 

Unveiling the mystery, the Tensor Foundation took to 𝕏 to reveal the intricacies. Alongside the return of the coveted leaderboard, the Foundation also announced changes to Tensorian staking benefits and the daily distribution of points.

Tensor Season 3 staking benefits were applied in a tiered system, encouraging users to hold a certain amount of Tensorian NFTs to access boosted trading rewards. While this helped bring buy pressure to the collection it resulted in higher concentrations of large holders, inevitably resulting in large sell-offs following the $TNSR TGE.

This time around, Tensorian staking benefits are applied linearly, meaning that traders don’t need to acquire as many as 10 NFTs to unlock higher reward tiers.

Additionally, points will now be equally distributed across each day, regardless of market volume. 

This implies traders who transact on low-volume days will be able to earn higher proportional rewards than those who trade on high-volume days, introducing another element of strategy and game theory to the new season.

Loyalists Rejoice, Taking Shots at Competitors

For the Tensor faithful, greater clarity around Season 4 and the return of the leaderboard has been met with positivity. 𝕏 users were quick to celebrate the unveiling, with some going as far as to name Tensor the “most rewarding protocol on Solana”.

Others saw the announcement as an opportunity to throw jabs at Tensor’s competitors, insinuating that alternative marketplaces need to provide more clarity on their rewards programs.

With renewed incentives and SOL price stabilizing following its impressive H1 performance, will Tensor's revamped rewards program spark new life into Solana's struggling NFT market?

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