Metaplex Core Partnership Propels Tensor To Forefront Of NFT Marketplaces

Tensor, a leading Solana NFT marketplace, has officially announced on X its prestige as the first of its kind to adopt Metaplex Core

Tensor’s incorporation of Core facilitates the data management of its platform into a distinct on-chain account, reducing operational costs. This initiative also enables efficient development workflows and enhances digital assets management.

Tensor Seeks To Revolutionize Digital Asset Management On Solana Network

Metaplex Core’s flexible plugin program enhances the expansion and customization of assets, from staking mechanisms to point programs, providing an extensive opportunity for advancement.

Powered by the Metaplex Developer Platform, the non-fungible token protocol ensures seamless interoperability with essential tools and utilities right from the launch of its Mainnet, which is scheduled for debut on April 2.

The Metaplex Foundation’s pledge to decentralize the digital asset system reflects its idea of allocating protocol fees. Moreover, one of its commitments to community-led governance is the distribution of 50% of these fees toward buying $MPLX tokens for the Metaplex DAO.

Furthermore, Core’s innovative feature removes the need for operational costs, slashing minting, and token programs. Its single-account version reduces the cost of asset management and enables significant cost savings compared to usual token-based alternatives.

Its move towards royalty enforcement extensively lowers computation necessities, pioneering a new effective standard for Solana-based NFTs network.

The early adoption of Core by Tensor underscores the market’s insights and dedication to promoting a more developer-friendly, efficient, and accessible digital asset ecosystem on the Solana blockchain.

Tensor Sets To Transform NFT Trading On Solana Network

Tensor, established by Richard Wu and Ilja Moisejevs in 2022, is a non-fungible token (NFT) Marketplace, where users can trade, purchase, and sell NFTs on the Solana network.

Tensor recently became the leading NFT platform on the Solana network based on monthly trading volume, surpassing the marketplace giant Magic Eden. In addition, Tensor managed approximately $1 million in trading volume as of November, this comprises around 60% of the transactions on the Solana network.

In terms of similarities, Tensor’s counterpart is Blur, an Ethereum network marketplace that witnessed an increase in sale value last year.

Similar to Blur, Tensor was originally introduced as an NFT trading platform for professional traders, but according to Moisejevs, the community response was beneficial to retail traders as well.

Moisejevs further highlighted the team’s primary objective which didn’t scale enough. However, the team got its first 50 users by literally integrating into the DMs of professional traders and persuading them to try the product.