Solana’s fierce NFT battle deepens as tensor knocks down Magic Eden for top spot ⋆ ZyCrypto

• Tensor Marketplace has taken a small lead over rival Magic Eden in the past seven days after dominating 45% of Solana’s market share.
• Mad Labs remains key in the recent rise of Tensor, with the marketplace offering rewards to top traders ahead of Magic Eden.
• With a week to go, commentators assess Tensor’s chances at the top spot with new updates on their rivals.

Non-fungible tokens (NFT) remain in the driver’s seat of Solana (SOL) as the network continues its development in close competition with other smart contract blockchains.

This week a new king of Solana’s NFT was crowned, but how long can the reign last? According to data from Tiexo, Tensor has toppled Magic Eden as the marketplace with the most volume over the past seven days. Tensor now controls 45% of total Solana’s NFT volume, leaving Magic Eden at just under 44%.

The rise in Tensor’s volume can be linked to the launch of Mad Labs, with both platforms offering rewards. From the statistics, traders prefer bonuses offered by Tensor over Magic Eden after it launched its rewards program last month.

The NFT market witnessed a burst of energy after Mad Labs was introduced in April. Mad Labs is a profile photo collection on Solana that has generated over $15 million in trading volume since its launch, becoming the latest Solana buzz after the network lost DeGods and yOOTs this year.

Armanti Ferranter, co-developer of Mad Labs, described the void and importance of the project at Solana.

“It was this void, where the heart and soul of the NFT space needed to kind of get a new heartbeat, in the first place. he explained.

Small drops make an ocean

Launched in 2022, Tensor has gradually grown in terms of trading volume and continues to call itself the home of “pro traders.” Loyalty rewards have been key to the rise of Blur as it moved past OpenSea in February on the Ethereum network. After learning a few tricks from Blur, Tensor jumped into Mad Labs with a special offer.

Tensor announced that it would redirect all trading fees on Mad Lab’s NFTs for the first three months to purchase floor NFTs from the project, which will be given to top traders via raffle. So far, Tensor has spent $93,640, about 4,280 SOL, to buy NFTs for top traders.

Tensor’s CTO, Richard Wu, praised the project’s community-based approach aimed at Mad Labs.

“If you show people that you’re really about giving back to the community, and trying to make your product the best for Mad Lads or the next NFT project, people will come and shop on your platform, and people will align with a Tensor versus a magical Eden” Wu said.