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Vector's Fun is Tensor's Tailwind

Danny KJan 31, 2025 ⋅ 5 min read

Tensor’s NFT Marketplace

NFT trading volumes have declined since early 2024, negatively impacting marketplace tokens like TNSR. While Tensor has faced strong competition from Magic Eden in the Solana NFT space, it has managed to recapture some market share following Magic Eden's $ME token launch in December.

Solana NFT marketplace volumes | Source: nftpulse.org

Tensor's legacy marketplace, which accounts for most of its trading activity, operates on a fee structure of 1.5% for takers and -0.25% for makers, resulting in net fees of approximately 1.25% on total volume, with half allocated to the protocol. Based on 30-day volumes of $32 million, this translates to roughly $2.5 million in annualized protocol revenues from NFT trading. At these revenue levels, Tensor's fully diluted valuation appears significantly overvalued compared to competitors like Blur and Magic Eden. However, these comps don't paint the full picture.

Enter Vector.Fun

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Danny K

22 Reportsdefi_kay_

Danny covers Solana and Alt-L1 ecosystems, DePIN, and gaming, social, and other consumer applications. He previously worked in engineering and data ops in the consumer products industry.

Mentioned Assets
Outline
  • Tensor’s NFT Marketplace
  • Enter Vector.Fun
  • Risks
Author
Danny K
Danny covers Solana and Alt-L1 ecosystems, DePIN, and gaming, social, and other consumer applications. He previously worked in engineering and data ops in the consumer products industry.
22 Reportsdefi_kay_
Mentioned Assets