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Magic Eden is shifting its consideration again to Solana after dropping its market dominance to a brand new competitor, Tensor. Launched in 2022, Tensor calls itself a pro-NFT buying and selling market for Solana and raised $3 million in seed funding in March.
Tensor took Magic Eden’s Solana NFT majority market share by buying and selling quantity for a couple of days final week. This occurred after the April launch of the Solana profile image (PFP) assortment Mad Lads, which gave the Solana NFT market a much-needed increase after DeGods migrated to Ethereum and Polygon.
Using an analogous technique to Blur, the Ethereum market, and OpenSea competitor, Tensor affords rewards for buying and selling on its market, which attracted NFT collectors to the platform over Magic Eden. In March, Tensor launched its Season 1 airdrop that allowed Solana NFT collectors to say free rewards that correspond to their buying and selling exercise on the community.
To incentivize buying and selling of the Mad Lads assortment, each Tensor and Magic Eden have carried out reward applications. Tensor might be utilizing 100% of the charges collected on Mad Lads to buy NFTs from the gathering and distribute them as rewards to merchants on their platform for the primary three months following the gathering’s launch. Then again, Magic Eden waived buying and selling charges for Mad Lads NFTs in the course of the first 72 hours after minting and subsequently distributed over 5,000 SOL price of Mad Lads buying and selling charges again to their customers.
Based on The Block Analysis, Tensor has a complete buying and selling quantity of $2 billion so far. Tensor’s entrance to the Solana NFT market has undoubtedly caught Magic Eden’s consideration because the latter seeks to keep up its dominance within the Solana NFT market after increasing multi-chain in current months. Amidst the Mad Lads frenzy, Magic Eden even posted controversial tweets concentrating on Tensor earlier than deleting them.
Talking to The Block, Tiffany Huang, head of selling and content material at Magic Eden, stated that the market wants a deep, renewed concentrate on Solana and that the corporate considers Solana its house.
As per the Dune Analytics knowledge, Magic Eden stays the main Solana market, with Tensor following intently behind. Particularly, Magic Eden holds a 65.5% market share, whereas Tensor has a 34.5% share.
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