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