Trading Activity on Tensor Reaches New Peak with the Debut of TNSR
Tensor Trade Dominates Solana NFT Market Amidst Declining Trading Volume
In the world of Solana-based NFT marketplaces, Tensor Trade continues to hold a dominant position, despite a consistent decline in trading volume since its all-time high in mid-December last year.
This decline, as reported, began in February and has resulted in a decrease in the average cost of NFT collections and individual NFTs listed on Tensor Trade, making them more affordable for retail traders. Notable collections like 'Froganas,' 'Bears Studio,' and 'Worms from Holes' have seen their prices drop by 72%, 40% and over 40% respectively.
Despite the decline, the activity on Tensor Trade has been intensifying since the end of 2023, with the number of traders exceeding 6,000. This surge in activity is likely attributed to the launch of Tensor's governance token, TNSR, which is set to launch on April 8.
Interestingly, while Tensor has been outperformed by Magic Eden in terms of USD volume starting from March, the increase in activity on Tensor could be a direct result of the upcoming TNSR launch. Users can earn points on Tensor, including by trading and bidding on NFTs, to qualify for the TNSR airdrop.
Crypto exchange OKX has announced that it will list TNSR starting on April 8, further adding to the anticipation surrounding the token's launch.
Despite the surge in activity, Tensor continues to dominate the Solana NFT market in terms of the number of traders and executed trades. As previously reported, trading volume on Solana's two leading NFT marketplaces, Tensor Trade and Magic Eden, started to gain traction in February.
On April 3, the number of traders on Solana-based NFT marketplace Tensor Trade reached a record high, according to SolanaFloor, further cementing Tensor's position in the Solana NFT market.
