Mad Lads briefly boosts Tensor’s NFT trading volume past Magic Eden
Tensor topped Magic Eden’s 24-hour sales volume on Wednesday afternoon in Hong Kong to have a brief stint as Solana’s top non-fungible tokens marketplace.
See related article: Solana NFT sales surge as traders farm for Tensor rewards
Fast facts
Tensor said on Twitter that it had a 24-hour trading volume of 108,073 SOL (US$2.424 million). This accounted for 46.9% of the combined trading volume of the top five marketplaces on the Solana blockchain.
Tensor’s reign as Solana’s top NFT marketplace was short-lived, as Magic Eden reclaimed the spot on Wednesday evening. Magic Eden had a trading volume of 104,820 SOL in the 24 hours to 8 p.m. in Hong Kong, while Tensor recorded 100,000 SOL, according to data from Solana tracker Tiexo.
Transactions on both marketplaces were dominated by Mad Lads, a Solana-based NFT collection launched last Friday. It recorded over US$1.85 million in secondary sales in the past 24 hours, making it the most traded collection across all blockchains, according to CryptoSlam, the data arm of Forkast Labs.
During that time frame, almost 56,000 SOL worth of Mad Lads tokens were traded on Tensor, while Magic Eden had around 36,000 SOL, according to Tiexo data.
Activity on Tensor started to pick up significantly last month after it launched an airdrop as part of its reward program, a strategy similar to what Ethereum NFT marketplace Blur recently deployed to draw customers from OpenSea.
The Forkast SOL Composite, a measurement of Solana NFT market performance, rose 0.24% in the 24 hours to 8 p.m. in Hong Kong on Wednesday.
See related article: Most of NFT industry working on recycled liquidity, says Forkast Labs’ co-founder