- Tensor marketplace has taken a slight lead over rival Magic Eden in the past seven days after dominating 45% of Solana’s market share.
- Mad Labs remains key in the recent surge of Tensor, with the marketplace offering rewards to top traders ahead of Magic Eden.
- With a week ahead, commentators assess Tensor’s chances in the top spot with new updates coming on their rivals.
Non-fungible tokens (NFT) remain in the driving seat of the Solana (SOL) as the network continues its development amid tight competition with other smart contract blockchains.
This week, a new king of Solana’s NFT was crowned, but how long can the reign last? According to data from Tiexo, Tensor has toppled Magic Eden as the marketplace with the most volume in the past seven days. Tensor now commands 45% of total Solana’s NFT volume, leaving Magic Eden with a little under 44%.
The uptick in Tensor’s volume can be linked to the launch of Mad Labs, with both platforms offering rewards on it. From the stats, traders prefer bonuses offered by Tensor over Magic Eden after it started its reward program last month.
The NFT market witnessed a burst of energy after Mad Labs was introduced in April. Mad Labs is a Profile Picture Collection on Solana that has generated over $15 million in trading volumes since its launch, becoming the latest Solana buzz after the network lost DeGods and yOOTs this year.
Armanti Ferranter, co-developer of Mad Labs, described the void and the importance of the project on Solana.
“There was this void, where the heart and soul of the NFT space needed to kind of have a new heartbeat, basically,” he explained.
Little drops make an ocean
Launched in 2022, Tensor has grown gradually in terms of trade volume and constantly dubs itself the home of “pro traders.” Loyalty rewards have been key to the rise of Blur as it moved past OpenSea in February on the Ethereum Network. Learning a couple of tricks from Blur, Tensor jumped in on Mad Labs with a special offer.
Tensor announced that it would divert all trading fees on Mad Labs NFTs for the first three months to purchase floor NFTs from the project, which will be given to top traders via raffle. So far, Tensor has spent $93,640, about 4,280 SOL, to purchase NFTs for top traders.
Tensor’s CTO, Richard Wu, hailed the project’s community-based approach targeted at Mad Labs.
“If you show people that you’re truly about giving back to the community, and trying to make your product the best for Mad Lads or the next NFT project then people will come and trade on your platform, and people will align with a Tensor versus a Magic Eden,” Wu said.