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Since the first day of NFTs, the first wave began with collections such as Punk, Art Blocks, and BAYC, and they were only available on Ethereum. Most of the trading occurred via OpenSea, which was the best place for users to trade NFTs at that time. However, OpenSea had many problems, including the inability to purchase multiple NFTs at once (no sweep mode), slow real-time updates, and a lack of analytics for collections.
The NFT mania has since spread to other blockchains, such as Polygon, Avalanche, and Solana, which is the second-largest NFT community. On the Solana blockchain, there are low transaction fees and fast finality, making it easy for traders to flip NFTs. Solanart and Magic Eden were the biggest names at the beginning, but there is still a lot of rooms for innovation.
There's come @_ilmoi and @0xrwu - who built Tensor in just 6 months. The whole platform is impressively developed from scratch with no external funding, and now it's one of the best places for trading NFTs on Solana.
Tensor is an aggregator NFT marketplace integrated with an internal AMM. With Tensor, traders have access to many outstanding functions, such as:
Aggregating all liquidity sources on the Solana NFT marketplace and putting them into one platform. In Tensor, all information, such as listings and holder activity, is updated in real-time. Tensor also has essential aggregator functions like bulk buy, bulk listing or delisting, as well as trading view and traits integrated to bring the best UX for traders.
Concentrated liquidity AMM where market makers can customize the price range of the collection as well as the trading fee. On the traders' side, they have thick liquidity for trading, and it enables instant sell functions. To keep the incentive alignment between the two parties, Tensor opens a rewards program for listing, bidding, and market making on their platform. In Tensor AMM, they charge a 1% Taker fee and 0% Maker fee, as well as 0% Royalties fee (but there is a case where users have to pay royalties fees if collection is enforced).
Six months after launch, Tensor is now one of the third-largest NFT marketplaces on Solana.
Currently, Magic Eden is still dominating the Solana NFT marketplace scene in terms of volumes and users (MagicEden has 60k daily trading volume with 10k daily users, while Tensor has 30k trading volume with 3k daily active users), but the gap is closing after Tensor announced their airdrop program.
Both trading volume and active users are skyrocketing, and it will likely continue because Tensor Airdrop 2 program will be bigger. Tensor has a lot of room for growth (so is the Solana NFTs landscape), and we at Vamient are very happy to support Tensor from the beginning.
Sources:
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