In the past week, the Tensor marketplace has acquired a minor lead over rival Magic Eden after capturing 45 percent of Solana’s market share.
Non-fungible tokens (NFT) continue to drive the development of the Solana (SOL) network despite intense competition from other smart contract blockchains.
This week, a new monarch of Solana’s NFT was crowned, but it is unclear how long his reign will last. Tensor has surpassed Magic Eden as the marketplace with the highest volume over the past week, according to Tiexo data. Tensor now controls 45% of Solana’s entire NFT volume, leaving Magic Eden with roughly 44%.
Tensor’s volume increase can be attributed to the introduction of Mad Labs, as both platforms offer rewards for it. According to the statistics, merchants favor Tensor’s incentives over Magic Eden’s since the launch of Tensor’s reward program one month ago.
After April’s introduction of Mad Labs, the NFT market experienced a surge of vitality. Since its debut, Mad Labs, a Profile Picture Collection on Solana, has generated more than $15 million in trading volumes, becoming the latest Solana chatter after the network lost DeGods and yOOTs this year.
Co-developer of Mad Labs Armanti Ferranter characterized the vacancy and significance of the Solana initiative.
Launched in 2022, Tensor’s trade volume has grown steadily and it is continuously referred to as the home of “professional traders.” As Blur surpassed OpenSea on the Ethereum Network in February, loyalty rewards played a vital role in its ascent. After picking up a few techniques from Blur, Tensor approached Mad Labs with a special offer.
Tensor announced that, for the first three months, it will use all trading fees on Mad Labs NFTs to purchase floor NFTs from the project, which will be raffled off to the top traders. Tensor has spent $93,640, or approximately 4,280 SOL, to acquire NFTs for leading traders.
Richard Wu, CTO of Tensor, praised the project’s community-based approach aimed at Mad Labs. People will trade on your platform and align with a Tensor as opposed to a Magic Eden if you demonstrate that you genuinely care about giving back to the community and creating the greatest product possible for Mad Lads or the next NFT initiative.
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