Tensorswap is a decentralized NFT marketplace built on the Solana blockchain. It allows users to buy, sell, and trade NFTs in a permissionless and trustless manner, without the need for intermediaries like centralized exchanges or auction houses.

One of the unique features of Tensorswap is its focus on providing rewards to liquidity providers. Users who provide liquidity to the top 100 collections on the marketplace, based on market capitalization, are eligible for rewards through a liquidity mining program. This is similar to the reward mechanics used by other successful NFT marketplaces like Blur on Ethereum.

Tensorswap has been gaining popularity on the Solana blockchain and has risen to become the second largest NFT marketplace on the network, behind Magic Eden.

🛠️ Method

As a data analyst, creating a dashboard to track and analyze market activity is crucial in understanding the trends and patterns in the market. In this case, we will be analyzing the activities on TensorSwap, a NFT marketplace on Solana that is simulating the Blur market on Ethereum.

To start our analysis, we will be using the fact_nft_sales table on Flipsidecrypto to track and analyze the activities on TensorSwap. Our dashboard is divided into different pages to present a comprehensive view of the marketplace.

On the first page, we will be visualizing the trade metrics on TensorSwap over time, divided by two seasons based on the announcement date of March 6th. This will give us an understanding of how the marketplace has evolved since the announcement and how it has impacted the trading volume and user behavior.

Moving on to the third page, we will be comparing TensorSwap with Blur, another NFT marketplace on Ethereum. We will be analyzing the trade metrics on both platforms in various time periods, divided by the announcement of round 2 Airdrop in Feb 14th for Blur and the announcement of TensorSwap's rewards mechanics in March 6th. This will help us understand how the two marketplaces compare in terms of user behavior and trading volume.

On the fourth page, we will be comparing the top marketplaces on Solana over the past 3 months. This will give us an understanding of how TensorSwap compares to other marketplaces on Solana and how it is performing in the market.

Moving on to the fifth page, we will be evaluating the top collections' performance on TensorSwap based on total sales volume, 7, 14, and 30-day changes in volume, and unique buyer counts. This will help us understand which collections are performing well on the marketplace and which ones are lagging.

Lastly, on the seventh page, we will be comparing the wash trading on TensorSwap and Blur. We will be using queries on this dashboard to identify the top washers based on trade volume and trades count. This will help us understand how much of the trading volume on both platforms is genuine and how much is artificially inflated.

In conclusion, our dashboard will provide a comprehensive view of the activities on TensorSwap, allowing us to analyze the market trends and patterns on the platform. With this information, traders and investors can make informed decisions on their buying and selling strategies, ultimately leading to a more efficient and profitable marketplace.

The following figures provide an overview of NFT sales metrics since the launch date: 278.2K total sales, 21.5K total buyers and sellers, and a sales volume of 22.5M. These statistics are impressive for a newly launched platform on Solana, indicating that Tensorswap has the potential to establish itself as a major player in the NFT marketplace.

To better understand Tensorswap's performance, let's analyze these metrics over time and compare them to other marketplaces. This will allow us to gauge how well Tensorswap is performing compared to its competitors and determine its level of success.

Trade Volume: This is the total value of all trades that occur on the marketplace within a specific time period. It represents the amount of money that is being exchanged through NFT trades.

Unique Buyers/Sellers: This metric represents the number of unique users who have bought or sold NFTs on the marketplace within a specific time period. It can provide insight into the user base and the level of activity on the marketplace.

Total Sales Volume: This metric represents the total value of all NFT sales that have occurred on the marketplace within a specific time period. It is a useful metric for evaluating the overall performance of the marketplace.

7/30/90 Day Volume Changes: This metric represents the percentage change in sales volume over the past 7, 30, or 90 days. It can provide insight into whether the marketplace is growing or declining in popularity.

Wash Trading: This is a fraudulent practice where traders artificially inflate trading volume by repeatedly buying and selling the same asset to create the illusion of activity. It can be detected by looking for repetitive buy and sell orders that occur within a short time frame.