What went on with the Tensorians

A quick update on the Tensorian mint on Solana. I’ve been following this closely and participated in the mint.

Screenshot 2023-08-15 at 7.43.46 PM.png

  • Tensor is the 1st NFT marketplace to ever release a serious PFP collection. It’s still anyone’s guess how they will use the PFP to drive growth for the marketplace: there will likely be utility for NFT holders.
  • The NFTs are doing well on the secondary market. Tensorians are up 2x from the initial mint (floor price: 22 SOL). Tensorian shards have gone up another 30% after my alpha week post last week (floor price: 2.2 SOL).
  • Tensor used a new mint mechanism on Solana (compressed NFTs) to create 100,000+ NFTs at a very low cost.
  • The excitement around the launch/post-launch has led to a marked increase in the number of new 1st time wallets on Tensor. Tensor also surged to hit 60% weekly market share on Solana for the first time ever.

In contrast to Blur which launched a fungible token, Tensor decided to launch an NFT instead. Very interesting to see if this pans out over time in rewarding and retaining loyal users while acquiring new ones. If so, it could be the playbook for future teams to follow.

Leave your comment...

Hey Teng, any info on how the Solana NFT market compares to the Ethereum one? I imagine it is bigger in terms of projects and volumes, but I am wondering if there is any difference in terms of price action, collection trends, etc.

Solana NFT ecosystem is probably about one-sixth the size of Ethereum, There are a lot of passionate communities centered around PFPs, games and finance, and much less around art compared to Ethereum. Feels a lot more trader-focused/degen as well.