Just two months ago, the NFT trading platform Tensor raised $3 million in a seed round. Fast forward to today, and it is close to regaining its position as the largest Solana-based NFT marketplace, based on market share.
“The announcement built a lot of momentum,” said Tensor co-founder Richard Wu, speaking about the initial round, which TechCrunch covered. exclusively in March. “When it comes to a market, liquidity is key to attracting users and it had a snowball effect in itself.”
Last week, Tensor achieved Solana’s 45% NFT market share, surpassing the 44% share of the Solana Magic Eden-focused NFT market over a seven-day period, according to data collected by Tiexo. While the 1% difference may seem nominal, it’s a huge leap for a relatively new platform versus a giant with almost 1000 times as many users.
Tensor launched a private beta in June 2022 and opened to the public the following month. In March, it had more than 30,000 monthly active users, and in April its MAU increased 317% to more than 125,000, said co-founder Ilja Moisejevs.
Compared to Magic Eden, which has 22 million unique monthly visitors, making their market share substantial.
Magic Eden has since reclaimed the top spot in Solana-based NFT volume for the past seven days with a 44.2% share, according to Tiexo data, and Tensor is not far behind at 40.5%. But market share is “not the top priority” for Tensor, Wu said. “For us, market share is an indicator of what we’re building, but at the end of the day, our goal is to grow Solana 10 times.”
“I think a lot of people on Twitter like to dramatize things,” Moisejevs said. “They want to see a battle of markets. There is healthy competition between us. [and Magic Eden], but the point we want to make is that we are not here to win 80% of a non-existent market. We want us to win, for Solana to win, and we’ll be a bigger business if Solana as a chain does well.”
Solana is the third largest blockchain for NFTs by sales volume, with over $3.96 billion in all-time sales, according to data from the NFT CryptoSlam aggregator. Over the past 30 days, Solana NFT sales volume decreased 24.4% to $73.3 million, the data showed.
Overall, Solana’s ecosystem is getting stronger, at least compared to six months ago, Wu said. A prime example of that is people and projects like Mad Lads, she said, adding that at one point, it was a top collection by volume ahead of some Ethereum blue chip collections. “What they have done and demonstrated with their launch at Solana is incredible.”
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