Tensor, the NFT trading platform launched earlier this year, has emerged as the leading player in Solana’s NFT marketplace, surpassing Magic Eden in trading volume on the network. Over the past month, Tensor has achieved an NFT trading volume exceeding $1 million, nearly doubling Magic Eden’s figures, according to analytics platform TIEXO.
This milestone positions Tensor with an estimated 60% of the total NFT trading market share on Solana, while Magic Eden trails at under 30% of the total volume. Despite Tensor’s dominance in trading volume, Magic Eden maintains a higher number of unique wallet users, boasting approximately 116 thousand wallets and a 70% engagement rate, compared to Tensor’s 86 thousand wallets and 52% engagement rate.
The data suggests that Tensor attracts traders engaging in higher volumes, while Magic Eden caters to a larger audience of casual NFT buyers.
Ilja Moisejevs, the co-founder of Tensor, shared insights into the platform’s journey, stating that the initial user acquisition involved direct outreach to top traders. The team focused on iterating the product based on user feedback, evolving from an interface resembling the Bloomberg terminal to cater to a broader audience.
Tensor’s strong ties to the Solana ecosystem remain evident, with Moisejevs expressing commitment even during challenging times, such as a dip in the price of SOL, Solana’s native token. The success of Tensor is intricately linked to Solana’s overall success, with the belief that Solana can play a pivotal role in bringing crypto and NFTs to a broader audience.
Initially designed as a trading platform for pro-traders, Tensor is gradually expanding its appeal to retail traders. There is speculation within the community that Tensor might adopt an airdrop strategy similar to Blur, another Ethereum NFT trading platform. The Tensorian NFT collection, designed to provide unique access to pro trading products and exclusive chat rooms, currently boasts a trading volume of $11.5 million, making it one of the most popular collections on Solana.
Loyal customers, including traders like Weekend Whale and Retired Chad Dev, highlight Tensor’s intuitive user interface, resembling centralized exchanges, as a key factor in their loyalty. The platform’s familiarity, coupled with the belief in its significant future potential, has solidified its position as a preferred choice among NFT traders in the Solana ecosystem.
