Solana’s NFT tensor market for professional traders introduce The first lootbox airdrop involves user rewards on March 7th. While the platform did not specify what the loot boxes are for, many have speculated that they are coupons for future governance tokens. The amount of loot distributed to users is calculated based on their Tensor usage history over the past 6 months. Tensor describes treasure chests as “encouraging gamification”.
# Tensor Launch of Season 2 Reward Mining Program on NFT Marketplace @azcoinnews https://t.co/r5fLTfykbs
— Kyptos (@azcoinnews) March 8, 2023
Tensor’s ecosystem is an NFT marketplace that offers low fees (0% for makers, 1% for takers) and a fast aggregation model. The platform allows listing of NFTs on other marketplaces such as Magic Eden and provides collective buying/bidding functionality for listed NFTs. Tensor’s notification/transaction functionality and user interface are specifically designed for transactions.
Additionally, Tensor kicked off the next phase of mining pools, called “Season 2,” by providing liquidity. The rewards issued in the second season are more than those in the first season, and the number of tokens issued only reflects the usage of TensorSwap. TensorSwap is Tensor’s NFT electronic market based on the AMM (Automatic Market Maker) model.
In order to effectively earn points in Season 2, users must provide NFT liquidity at close to the reserve price (lowest transaction price). Otherwise, no points will be awarded for bids or listings that deviate from the reserve price. At the same time, wash trading will also be excluded. Tensor incentives are designed not only to incentivize trading activity, but also to move NFT liquidity from other markets to Tensor.
In Season 1, the score for providing liquidity on TensorSwap was 25-50 times higher than buying and selling NFTs issued on other markets of Tensor. Tensor’s marketing strategy is very similar to Blur’s. Blur, another NFT marketplace for professional traders on ethereum, has seen a massive spike in trading volume since the token launched on February 7.
Source: TensorSwap
According to Dune, Tensor’s transaction volume hit an all-time high of 56.6 million yen ($416,200) on March 6. Additionally, Tensor announced that it has raised a $3 million seed round from several Solana-related investors, including blockchain founder Solana, Solana Ventures, Big Brain Holdings, and numerous individual funds.
Source: Dune
With a focus on professional traders and unique offerings, Tensor is quickly becoming one of the most popular NFT marketplaces in the Solana ecosystem. The platform’s user-friendly interface and dedicated features make it an attractive option for those looking to trade NFTs. Tensor’s success demonstrates the growing interest in the NFT market and its potential to grow in the years to come.
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