• Tensor is the first known NFT marketplace to transform into an AMM-integrated marketplace, which lets a user provide liquidity for both buy and sell orders within a specific NFT collection.
• In March 2023, Tensor started its series of airdrops, with a promise of higher rewards for each season. Basically, there is a points system that will be totaled at the end of the season and has a corresponding mystery box. 
• Tensor then introduced its own NFT collection after Season 2 of its airdrop. Season 3 is now live.

One exciting part about airdrops is the mystery boxes. It is because instead of a specified amount of asset being detailed as a reward, the lucky airdrop winner does not know what the reward will be—could be exciting and nailbiting. 

In this article, let us delve into the top NFT marketplace on Solana, the Tensor, its functions and features, and its Blur-like airdrop.

(Read more: Ultimate Guide to Solana Airdrops 2023 – 2024 and 10 Potential Crypto Airdrops to Watch Out For in 2024)

What is Tensor?

Tensor is a non-fungible token (NFT) Marketplace, which means that it allows users to buy, sell, and trade NFTs on the Sollana network. It was founded by Ilja Moisejevs and Richard Wu in 2022. 

Recently, Tensor became the top NFT platform on Solana in terms of monthly trading volume, overtaking the marketplace giant Magic Eden. According to analytics platform TIEXO, Tensor handled around $1 million in trading volume for November alone, which consisted of 60% of transactions on Solana. 

As of this writing, 67.68% of NFT transactions on the Solana ecosystem are recorded on Trensor, which accommodates around 17,000 unique wallets. 

In terms of comparison, we could say that Tensor’s counterpart is Blur, a controversial marketplace on the Ethereum network that saw a sales surge in February. 

Like Blur, Tensor initially launched as an NFT trading platform for pro-traders, but as per Moisejevs, the community sent feedback to be friendly to retail traders as well. 

“At first, we did a lot of stuff that doesn’t scale. We got our first 50 users by literally hopping into the DMs of top traders and asking them to try the product. Many said no, but some said yes, and that was enough to get started,” he said in an interview. 

Tensor Features

Because Tensor sits on top of the Solana Blockchain, fast yet low-cost transactions are expected due to the network’s scalability. 

There are also more than 10,000 collections on the marketplace, with the option to have a lite view or an advanced view. An advanced view of the platform is best for pro traders, which offers automated market making, compressed NFTs, and arbitrage features.

This made Tensor the first known NFT marketplace to transform into an AMM-integrated marketplace. This lets a user provide liquidity for both buy and sell orders within a specific NFT collection, contributing liquidity to that collection. 

It also acts as an aggregator, meaning it finds the best prices of an NFT to offer the best buy and sell ratio to its users. The markets that Tensor currently supports for aggregating liquidity for NFTs include TensorSwap, HadeSwap, HyperSpace, MagicEden, and Solanart.

Speaking about royalties, Tensor is among the few marketplaces on Solana that support NFT royalties. It allows creators to set their own royalty fee—up to 50%—as they mint their NFTs on the platform. Tensor also respects the royalty guidelines of other marketplaces and automatically sends the royalty fee to the original creator when their NFTs are traded on Tensor. 

Tensor Airdrop Guide

In March 2023, Tensor started its series of airdrops, with a promise of higher rewards for each season. 

Basically, there is a points system that will be totaled at the end of the season. A certain number of total points has a corresponding mystery box. 

During Season 1, those who bought or sold NFTs on any Solana marketplace were eligible to receive a reward, with those who traded on Tensor having “25 to 50 times more benefits.”

Meanwhile, for Season 2, only those who did bid, list, or market-make were given points, and the twist is that the prizes were allegedly five times greater compared to Season 1. When Season 2 ended, the introduction of the Tensorians was also announced. 

Tensorians are described by the marketplace as 10,000 die-hard fans of Tensor. But in simpler terms, these are those who will hold Tensor’s own NFT collection. 

This is when the community speculates that Tensor has a Blur-like airdrop (remember, the two also share similarities, as discussed above)—in terms of conception, execution, and aesthetics. 

It is because, allegedly, Tensor is set to introduce its own token through this three-season airdrop. Note also that to be able to mint a Tensorian, a Tensorian shard is needed, which is, at the moment, distributed through the airdrop. 

For Season 3, the requirements for Season 2 are needed to qualify, but in addition, those who will stake a Tensorian NFT will also receive additional points. 

This article is published on BitPinas: What is Tensor? The Top NFT Marketplace on Solana

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