OpenSea User Activity Hits 18-Month High as OS2 Launches, But NFT Trading Volume Still Lags

NFT marketplace OpenSea is seeing renewed momentum, logging its highest number of active users in over a year. According to Dune Analytics, 467,322 users made at least one transaction on the platform in May 2025—levels not seen since the height of NFT interest in mid-2022 to early 2023.

The uptick in engagement comes as OpenSea officially rolled out OS2, its upgraded platform, on May 29 after months in beta testing. The launch introduced major updates including multichain support across 19 blockchains, Solana token trading, and a revamped user rewards system called Voyages, which issues experience points (XP) for various on-chain activities.

May’s increase in user participation mirrors levels from OpenSea’s peak growth periods, and early June numbers suggest the trend may continue. As of the first week of June, over 236,000 users have already engaged in transactions.

However, despite the user surge, trading volume tells a different story. OpenSea processed about $81 million in transactions last month—far below its January 2022 peak of over $5 billion. The disparity highlights a broader reality: while interest in NFTs may be stirring again, investor spending hasn’t returned to previous highs.

Much of the current buzz appears driven by anticipation around a potential airdrop of OpenSea’s rumored native token, SEA. While users speculate that their activity may count toward eligibility, OpenSea has made no official announcements. In a recent blog post, CMO Adam Hollander acknowledged the curiosity:

“I know you’re all hoping I'm going to answer the question, 'wen TGE?'” he wrote. “There are releases and innovations coming that will surprise you. The Foundation considers it essential to have several of these in place before launching the token, ensuring utility and staying power."

OpenSea’s gradual rollout of OS2, which began in beta in January and initially catered to holders of its Gemesis NFTs, represents the company’s most ambitious upgrade to date. With the NFT market still in recovery mode, the platform is clearly betting on infrastructure improvements and user incentives to build long-term engagement.