Tensor Trade, the Solana-based NFT marketplace, witnessed a record number of traders on April 3, surpassing 6,000.
SolanaFloor, an NFT analytics service, reports that on April 3, the number of traders on the Solana-based NFT marketplace Tensor Trade reached a record high. With the number of traders above 6,000, the activity on the Solana-based NFT marketplace has been escalating since the end of 2023.
Having reached a record high in mid-December of last year, the trading volume of tensors in SOL terms has been steadily falling ever since.
This indicates that retail traders are finding NFT collections and individual NFTs listed on the Solana-based NFT marketplace more reasonable as their average cost has been falling.
Ten of the top fifteen collections, as measured by 7-day trading volume on Solana-based NFT marketplace, have seen price declines in the past week. The value of Bears Studio and Worms from Holes, for instance, has fallen by more than 40%.
“Froganas,” the most commonly traded NFT collection on the Solana-based NFT marketplace at the moment, is the best example of the phenomenon of rising volumes with falling pricing. Despite a 72% price drop from January, trade volumes increased in March.
We previously mentioned that trading volume on Magic Eden and Tensor, two of Solana’s top NFT platforms, began to pick up steam in February.
Tensor maintains its dominance in the Solana NFT market with respect to the number of traders and trades conducted; however, Magic Eden has surpassed Tensor in USD volume since March. As of the first week of April, Tensor controlled more than 90% of the market for unique traders.
The introduction of the Solana-based NFT marketplace governance token, TNSR, which takes place today, April 8, is probably the reason behind the spike in activity on the platform. The TNSR airdrop is open to users who have earned points on Tensor, which may be achieved through activities like bidding on NFTs and trading.
As of April 8th, OKX, a cryptocurrency exchange, will begin listing TNSR.
