Solana’s NFT Tensor Marketplace is Here to Beyond Magical Eden

On April 26, Solana’s NFT Tensor’s single-day trading volume surpassed that of Magic Eden for the first time, accounting for about 51% of the daily trading volume of Solana’s NFT market. This is a major milestone for Tensor, an NFT marketplace built on the Solana blockchain, similar to Blur on Ethereum.

Tensor’s recent success can be attributed to adopting a strategy similar to Blur’s, as well as its funding announcement in early March. Since then, Tensor’s transaction volume and active users have increased significantly, reaching 20,000 in April, a new high for the platform.

Solana's NFT Tensor Marketplace Beyond Magical Eden

Tensor Season 1 will go live in September 2022, and Season 2 will start on March 6, 2023. The platform hosts airdrops to incentivize user participation, rewarding them when they meet a certain number of conditions. During the current season, they reward users with new gifts, which increases activity on the platform.

Less than two weeks after the launch of Season 2, Tensor has become Solana’s second largest NFT marketplace, Magic Eden. The number of NFT sales on Tensor has increased significantly, increasing by more than 300% compared to the first quarter.

Interestingly, the current average price of NFT transfers in the second quarter is only half of the average price of NFTs in the first quarter. This shows that many users are not transferring NFTs at higher prices, which shows that there are more and more basic users on the platform.

From the perspective of NFT sales, the first-cycle sales in the second quarter also seem to be doing well. The total revenue in Q1 was only 41% of the total revenue in Q2, showing that Tensor is expected to be a very successful ecosystem in Q2.

Overall, Tensor’s success is a testament to the growing popularity of Solana and NFTs. Adopting the same strategy as Blur and its airdrop rewards has proven successful in attracting more users to the platform. As the NFT market continues to expand, Tensor’s growth is likely to continue and it is possible to become a major player in the NFT market.

Mr. teacher

according to Kyptos

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