Solana’s NFT marketplace booms, with Tensor in top spot
The NFT trading platform Tensor, which launched earlier this year, has taken the number one spot in Solana’s NFT marketplace, overtaking Magic Eden in trading volume on the network. Over the past month, Tensor has seen an NFT trading volume of over $1 million, almost double Magic Eden’s, according to analytics platform TIEXO. This means that Tensor makes up an estimated 60% of the total NFT trading market share on Solana.
Magic Eden still has more unique wallet users than Tensor, however, with roughly 116 thousand wallets and a 70% engagement rate compared to Tensor’s 86 thousand wallets and 52% engagement rate. The implication is that many Tensor traders are trading higher with volumes, while Magic Eden may cater to more casual NFT buyers. “At first [we did] a lot of stuff that doesn’t scale,” Moisejevs told Blockworks. “We got our first 50 users by literally hopping into the DMs of top traders and asking them to try the product. Tensor shipped various products in order to appeal to its audience, Moisejevs said, noting that the first version of its product looked similar to the Bloomberg terminal, an approach which appealed to more financial and analytical folks.
Source
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