Instructions for using Tensor from AZ and hunting for airdrops through Tensor Points

1. What is Tensor?

Tensor is an AMM and NFT marketplace on Solana and currently holds the No. 1 market share in the NFT marketplace segment on this ecosystem. Dubbed the "Blur of Solana", in development since February 2022, Tensor aims to become the leading NFT trading platform for professional NFT traders on Solana.

Read more articles about Blur here: https://theblock101.com/blur-nft-marketplace-la-gi

Tensor has completed a $3 million Seed Round funding round. This funding round was led by Placeholder and included participation from Alliance, Solana Ventures, Big Brain Holdings, Monke Ventures and other individuals in the Solana community, including Solana's founders.

2. Instructions for using the Tensor platform

2.1. Introducing Tensor features

Currently, Tensor is supporting a number of features on the platform including:

Trade NFT sets on the Solana ecosystem
Swap NFTs directly between wallets hosted on Solana
Trade Solana Inscriptions sets
Earn points to receive airdrops from the platform

2.2. Instructions for buying/selling/bid NFT on Tensor

To be able to participate in NFT trading on Tensor you need to do the following:

Step 1: Connect Solana wallet addresses (eg Phantom, Backpack, Solflare,...) at website: https://www.tensor.trade/

Tensor has 2 versions: Lite (simple) and Pro (professional) to serve different users. If you are a newbie, you can use the Lite version for easier monitoring, and if you are a professional trader, you can use the Pro version.

Step 2: Buy NFT → Select collection → Select NFT you want to buy and enter quantity → Confirm information and confirm transaction on wallet.

*Instructions for buying NFTs on the Tensor platform*

Step 3: Place Bid NFT at desired price → Select “Place Collection Bid” → Enter parameters as shown below → Confirm information and confirm transaction on wallet.

*Instructions for bidding NFT on the Tensor platform*

Some terms to pay attention to here:

Shared Escrow: when you turn on this function, you can place many different bid orders with the same amount of capital, this helps optimize your capital more.
Bid on traits: is a function that helps you choose the NFT you want to bid on.

Step 4: Sell NFT → Select the NFT you have in your wallet → Enter the amount of NFT you want to sell → select “List NFTs”

*Instructions for selling NFTs on the Tensor platform*

2.3. Transaction fees when buying and selling NFTs on Tensor

When buying and selling NFTs on Tensor, users need to pay some fees as follows:

For traditional NFT collectibles:

Taker fee: 1.4%
Maker fee: -0.4% (ie users will receive a 0.4% refund on each transaction (list/bid/market-making order).

For cNFT collections:

Taker fee: 1.4%
Maker fee: 0%

In addition, when buying NFTs, users need to pay an additional fee: Loyalties fee (fee for creators) ranging from 0%-10% depending on each NFT collection.

2.4. Instructions for participating in market-making on Tensor

What is market-making?

Market-making is an activity where traders agree to buy and sell a certain number of NFTs simultaneously. Participants in this activity, also known as market-makers, directly participate in transactions as both sellers and buyers.

These MMs play an important role in ensuring flexibility and liquidity for NFT collectibles, ensuring a smooth trading market. Market Makers will be paid by charging commissions on the trades they make. They can also make money by spreading the difference between their buying and selling prices.

Instructions for participating in Market-making

To participate in market-making activities on Tensor, follow these steps:

Step 1: Install Tensor Pro version → Select the NFT collection you want to market-making → select “Market-maker”.

Step 2: Enter the number of NFTs you want to buy (note that you need to deposit enough SOL to buy) and enter the number of NFTs you want to sell

*Instructions for participating in market-making on Tensor*

Step 3: Select “Start Price” (starting price) and “Change By” (how much the price will change after each order)

The starting price will determine the price at which you will sell your first NFT.
“Change By” will determine how much the NFT price will change (by SOL or % NFT price) for each of your NFT buy/sell orders.
Starting price - “change by” = the price at which you will buy your first NFT.

For example:

Starting price = 10 SOL, change by = 1 SOL

Purchase price: 9 SOL
Price: 10 SOL

Order 1: Mr. A sells you 1 NFT at 9 SOL. The price will decrease by 1 SOL.

New purchase price: 8 SOL
New selling price: 9 SOL

Order 2: Mr. B buys 1 NFT from you at 9 SOL. The price will increase by 1 SOL.

New purchase price: 9 SOL
New selling price: 10 SOL

Order 3: Mr. A sells you 3 NFTs corresponding to 9, 8, 7 SOL. The price will decrease by 3 SOL.

New purchase price: 6 SOL
New selling price: 7 SOL

Step 4: Check information → Sign and confirm the transaction.

*Confirm market-make transaction on Tensor*

3. What are Tensor Points?

Tensor Points are activity points for users on the Tensor platform. Any user action on the Tensor platform such as listing (selling) NFTs, bidding (bidding) NFTs, market making (making markets) NFTs are counted as Points.

Tensor Points will be accumulated and exchanged for gifts which are Mystery Boxes containing secret unpublished gifts from the platform.

3.1. Why did Tensor launch Tensor Points?

Encourage users to participate in the Tensor platform to increase liquidity on the platform. When liquidity on Tensor is good, it will be easy to gain market share in the Solana ecosystem.
Reward active users, thereby creating a loyal community to support the project.

3.2. How to get Tensor Points?

To receive Tensor Points, users can perform some of the following activities.

Participate in bidding/listing/market-making on Tensor with NFT collections in the top 100 in 24h trading volume.
Participate in referrals activities to invite friends to participate in activities on the Tensor platform and receive additional points (boosting 5%/referral).
Swap NFT on Swapsorian to get more points.

Note:

Do not place a new bid/listing at a price that is too far from the floor price.
Do not place bids/listings on illiquid collections.
Do not perform wash trading or fraud on the system.
The longer the bidding/listing time, the more points you receive. Once the bid/listing order is matched, points will no longer be received.

3.3. Tips to increase the number of Tensor Points received

If you want to increase the number of points you will receive, you can pay attention to some of the following activities:

List/Bid as many active blue chip NFT sets as possible.
You should not split your order when placing a bid because you will receive less points. For example, 2 bids each worth 10 SOL will receive more points than 10 bids each worth 1 SOL.
Do not cheat during use or you will lose all your money.

Hold the platform's NFT Tensorians so you can boost them by % to get points.

Maybe you don't know: What are Tensorians? The first Compressed NFT collection on Solana

4. Conclusion

Tensor is currently the #1 NFT marketplace on Solana and is constantly working to expand its market share. Tensor is increasingly proving to be comparable to Blur's model on Ethereum. If you are a user of the Solana ecosystem, you can use the platform to accumulate points and receive more attractive perks from the project.

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