Tensor, an NFT trading platform that was established earlier this year, has now risen to the top of Solana’s NFT marketplace, surpassing Magic Eden in terms of trading volume on the network. In the last month, Tensor has recorded an NFT trading volume exceeding $1 million, nearly twice that of Magic Eden, as per the data from the analytics platform TIEXO.
This indicates that Tensor now accounts for an estimated 60% of Solana’s total NFT trading market share, while Magic Eden represents less than 30% of the total volume.
Despite Tensor’s lead in trading volume, Magic Eden continues to have a larger number of unique wallet users. Approximately 116 thousand wallets are associated with Magic Eden, which also boasts a 70% engagement rate. In contrast, Tensor has around 86 thousand wallets with a 52% engagement rate. This suggests that while Tensor traders tend to trade in higher volumes, Magic Eden might be more popular among casual NFT buyers.
Ilja Moisejevs, the co-founder of Tensor, has shared that the journey to establish Tensor and draw in NFT traders was far from straightforward. To engage its target audience, Tensor introduced a variety of products. Moisejevs pointed out that the initial version of their product bore a resemblance to the Bloomberg terminal, a strategy that resonated with individuals with a financial or analytical background.
The Solana Ecosystem Continues to Grow
In related news, while the Solana ecosystem is expanding and evolving, it still has a significant distance to cover to match Ethereum. However, Solana’s activity has been showing a consistent upward trend, which is a promising sign. According to Messari data, the number of weekly active addresses on Solana has returned to levels seen before the FTX collapse.
Ally Zach, a researcher at Messari, reported on December 6 that the number of weekly active addresses on Solana has doubled since December 2022. After a year-long period of stagnation, Solana’s address activity began to show signs of growth in October.
In recent weeks, the performance of Solana tokens has outpaced the network itself. However, it’s important to remember that SOL’s value plummeted following the FTX collapse due to its association with the company, so any gains should be viewed in this context. As of now, SOL is trading at $62.89, marking a 2.37% decrease for the day.