Mad Lads briefly boosts Tensor’s NFT trading volume past Magic Eden

NFT

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: Sales of Solana NFT soar as traders farm for Tensor rewards

Quick Facts

• Tensor said on Twitter that it had a 24-hour trading volume of 108,073 SOL ($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 main NFT marketplace was short-lived, as Magic Eden reclaimed the spot on Wednesday night. Magic Eden had a trading volume of 104,820 SOL in the 24 hours to 8pm in Hong Kong, while Tensor registered 100,000 SOL, according to data from Solana tracker Tiexo.
• Transactions on both marketplaces were dominated by Mad Lads, a Solana-based NFT collection that launched last Friday. It registered more than $1.85 million in secondary sales in the past 24 hours, making it the most traded collection in all blockchains, according to CryptoSlam, the data arm of Fort Labs.
• During that time frame, nearly 56,000 SOL worth of Mad Lads tokens were traded on Tensor, while Magic Eden had about 36,000 SOL, according to Tiexo data.
• Activity on Tensor started picking up significantly last month after it launched an airdrop as part of its rewards program, a strategy similar to what Ethereum NFT marketplace Blur recently deployed to attract customers from OpenSea.
• The Forkast SOL Composite, a measure of Solana NFT’s market performance, rose 0.24% in the 24 hours to 8 p.m. in Hong Kong on Wednesday.

See related article: Most of the NFT industry is working on recycled liquidity, says the co-founder of Forkast Labs