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Tensor Takes the Crown in Solana's NFT Market, Outpacing Magic Eden

By: illustrious
May 2, 2023 12:59 PM EDT
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The NFT market on the Solana blockchain has been heating up, with the recent launch of the Mad Lads profile picture (PFP) collection, causing a significant increase in trading volume. Amidst the trading frenzy, upstart marketplace Tensor has managed to surpass the long-standing leader, Magic Eden. This article delves into the factors that led to Tensor's rise and examines whether the platform can maintain its momentum in the Solana NFT market.

The Ascent of Tensor

Tensor, which launched in 2022, began to gain traction in March after introducing trading rewards, a move reminiscent of Ethereum marketplace Blur's rise over OpenSea. In the same month, Tensor raised $3 million in a funding round led by VC firm Placeholder. The platform aims to cater to "pro" traders, offering a faster and more feature-rich interface than its competitors.

The similarities between Tensor and Blur are intentional, with both platforms sharing similar rewards initiatives. Although Tensor has not explicitly stated plans to launch a token, the prospect of receiving valuable tokens has undoubtedly piqued traders' interest.

Growing Market Share

Co-founder and CTO of Tensor, Richard Wu, revealed that the platform's market share has been growing steadily over the past couple of months. However, it was only last week, when the Mad Lads frenzy took hold, that Tensor managed to overtake Magic Eden in terms of market share. Data from Tiexo shows that Tensor now commands 45% of Solana's NFT market share, while Magic Eden trails slightly behind with just under 44%.

The Mad Lads Effect

The Mad Lads collection played a crucial role in Tensor's ascent, with traders flocking to the platform to take advantage of its promotions around the NFT project. Magic Eden also offered special promotions for Mad Lads NFTs, such as zero marketplace fees and 2,000 SOL airdrops for traders over the first 30 days. Despite these efforts, Magic Eden ended up redistributing over 5,000 SOL worth of Mad Lads trading fees back to users, while Tensor emerged as the market leader.

The Future of Tensor

With Tensor now holding a majority market share in Solana's NFT trading, the question remains: can the platform maintain this momentum? The continued growth of the Solana NFT market, coupled with Tensor's focus on catering to professional traders, may help the platform maintain its edge over Magic Eden.

However, it is crucial for Tensor to continue innovating and offering value to its users, as the competition in the NFT space is only set to intensify. In the end, the platform's ability to adapt to market trends and the ever-evolving needs of NFT traders will determine its long-term success in the Solana ecosystem.

Always experimenting.

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