OpenSea Sees Surge in Users, But NFT Market Volumes Still Lag

After a long stretch of subdued activity, OpenSea is experiencing a notable uptick in user engagement.

The NFT marketplace attracted over 467,000 unique users in May — its strongest monthly count since 2023, according to Dune Analytics. Yet, despite the growing number of participants, trading volumes remain far from the heights of the last bull cycle.

OpenSea processed $81 million in trades last month, a modest figure when compared to its January 2022 peak of more than $5 billion. The surge in users coincides with the official rollout of its long-awaited platform upgrade, OS2, which became available to the public on May 29 following months of beta testing restricted to holders of the Gemesis NFT collection.

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The updated version introduces broader blockchain compatibility, now supporting assets across 19 networks — including fungible tokens on Solana — and features a new engagement system dubbed “Voyages,” which rewards users with XP for their activity.

Speculation around a potential SEA token airdrop has also reignited community interest, though OpenSea’s CMO Adam Hollander has made it clear that the team intends to finalize several product innovations before any token generation event takes place.

While the platform’s user resurgence is a welcome development, it underscores a broader reality: enthusiasm alone isn’t yet translating into the high-value trades that once defined the NFT boom.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.