OpenSea, the leading NFT marketplace, recently hit its highest number of active users since mid-2023, with 467,322 users transacting in May 2025. This surge aligns with the official release of its new platform version, OS2, on May 29, marking a strategic overhaul that supports trading across 19 different blockchains and introduces a gamified rewards system named 'Voyages'.
Despite user growth, trading volume remains subdued compared to previous highs, with May's $81 million in monthly volume still far below the $5 billion peak in January 2022. Nonetheless, the revival in user engagement signals cautious optimism about a potential broader recovery in the NFT market.
Dune Analytics data show monthly active users jumped 44% from April to May 2025, and NFT sales in April and May returned to levels last seen in early 2023, exceeding 2 million NFTs sold. OS2's innovative features, including experience points that may translate to eligibility for the anticipated SEA token airdrop, have reinvigorated the community.
OpenSea’s CEO Devin Finzer emphasized that OS2 rebuilds the platform to be a comprehensive on-chain hub, beyond just an NFT marketplace, featuring fungible token trading and enhanced user engagement. Regulatory clarity, following the U.S. SEC’s closure of its investigation into OpenSea, has removed a significant hurdle potentially facilitating the token launch and encouraging marketplace participation.
While the increased activity may partly stem from speculative behaviors such as airdrop farming, OpenSea reclaimed market share from competitors like Blur. However, uncertainties remain around the timing of the SEA token launch and the long-term effects of expanding into fungible token trading. The overall NFT market still needs time to restore prior transaction volumes fully, but the OS2 launch has reignited user interest and community anticipation.