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Solana’s Fierce NFT Battle Deepens As Tensor Knocks Down Magic Eden For Top Spot

Non-fungible tokens (NFT) remain in the driving seat of the Solana (SOL) as the network continues its development amid tight competition with other smart contract blockchains.

This week, a new king of Solana’s NFT was crowned. According to data from Tiexo, Tensor has toppled Magic Eden as the marketplace with the most volume in the past seven days. Tensor now commands 45% of total Solana’s NFT volume, leaving Magic Eden with a  little under 44%.

The uptick in Tensor’s volume can be linked to the launch of Mad Labs, with both platforms offering rewards on it. From the stats, traders prefer bonuses offered by Tensor over Magic Eden after it started its reward program last month.

The NFT market witnessed a burst of energy after Mad Labs was introduced in April. Mad Labs is a Profile Picture Collection on Solana that has generated over $15 million in trading volumes since its launch, becoming the latest Solana buzz after the network lost DeGods and yOOTs this year.

(By Aliyu Pokima)

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