Just two months after securing $3 million in a seed round, NFT trading platform Tensor is rapidly climbing the ranks of Solana-based marketplaces. TechCrunch, has shed light on Tensor's impressive growth trajectory to mainstream audiences in a recent article. With a laser focus on liquidity and a rapidly expanding user base, Tensor has emerged as a strong contender in the Solana NFT space, challenging the dominance of platforms like Magic Eden.
Tensor's Market Share Surge
Last week, Tensor surpassed Magic Eden to claim a 45% market share of Solana's NFT marketplace, according to data compiled by Tiexo. This feat is particularly noteworthy considering Tensor's status as a relatively new platform competing against Magic Eden, which boasts 22 million unique monthly visitors. The 1% difference in market share signifies a significant jump for Tensor and reflects the exponential growth it has experienced in a short period.
Tensor's Impressive Growth
Tensor's journey began with a private beta launch in June 2022, followed by a public release the following month. In just under a year, the platform has experienced a meteoric rise in popularity. By March 2023, Tensor had attracted over 30,000 monthly active users, and within a month, that number surged by a staggering 317% to surpass 125,000 users, according to co-founder Ilja Moisejevs.
Tensor's Long-Term Goals
Although market share is an important metric, Tensor's co-founder Richard Wu emphasizes that it is not the company's primary focus. While competing with Magic Eden, Tensor's overarching objective is to foster the growth and success of the Solana blockchain as a whole. Wu and Moisejevs envision a future where Solana thrives, and Tensor plays a vital role in scaling the platform tenfold.
TechCrunch Acknowledges Solana's Growing Strength
Solana has firmly established itself as the third-largest blockchain for NFTs, boasting a total sales volume of over $3.96 billion. Although Solana NFT sales volume experienced a recent decline of 24.4% to $73.3 million over the past 30 days, the ecosystem continues to exhibit robust growth. TechCrunch acknowledges the strength of the Solana ecosystem, with projects like Mad Lads demonstrating the platform's potential. Mad Lads, at one point, outperformed some of Ethereum's most prominent collections in terms of volume, underscoring the impressive achievements and possibilities within the Solana space.
TechCrunch's coverage has shone a spotlight on Tensor's remarkable ascent to the summit of Solana's NFT marketplaces. With an emphasis on liquidity and a rapidly expanding user base, Tensor has surged ahead, capturing a significant market share within a short timeframe. TechCrunch's recognition of Tensor's growth trajectory amplifies its position within the Solana ecosystem and emphasizes the potential for Solana to challenge established players in the NFT industry. As Solana's strength continues to grow, Tensor's rise symbolizes a promising future for both the platform and the blockchain as a whole, reinforced by TechCrunch's coverage of this remarkable journey.