Q1 2023 saw the strong growth of Blur in the Ethereum-based NFT marketplace segment. Thanks to an attractive airdrop scheme, Blur overtook OpenSea in terms of NFT trading volume. The competition was so fierce that OpenSea was forced to launch a no-fee pro marketplace to retain users. And of course, once Ethereum has something new, other ecosystems also have similar moves. Following Blur, Tensor began to compete with Magic Eden on the Solana ecosystem.
As it gained the community’s attention, Tensor announced it had raised $3 million in a seed round led by Placeholder venture capital firm, with participation of Solana Ventures, Big Brain Holdings and MonkeVentures. Then in early March, Tensor announced its Season 2 airdrop with the same mechanism as its predecessor, Blur. So, it is understandable that Tensor has attracted a large number of farmers, contributing to a spike in trading volume on the platform.
On April 26, Tensor’s 24-hour trading volume recorded more than 108,073 SOL, surpassing the 105,659 SOL of rival Magic Eden and accounting for more than 51% of the total trading volume of the system. In third place is Hadeswap with a trading volume of only 16,141 SOL.
On Twitter, the Solana NFT community shared a lot of tweets congratulating the project. Some even think that the growth of Tensor is inevitable as the project knows how to listen to the community while Magic Eden seems to rest on their laurels. This once again shows that the Solana NFT community is growing very strongly. The Solana ecosystem has recently witnessed the impressive launch of Mad Lads NFT collection and xNFT that promises to open up many new opportunities.