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OpenSea, one of the largest NFT marketplaces, has experienced a significant rise in active user addresses following the full release of its OS2 update. This surge marks the highest activity levels since early 2023. However, despite the increase in users, the platform’s trading volume remains subdued.
OpenSea’s Active Users Surge in May 2025
According to data from Dune Analytics, OpenSea recorded a 44% increase in monthly active addresses in May 2025 compared to the previous month. A total of 467,322 users completed at least one transaction on the platform, a level not seen since April 2023. This momentum appears to be carrying into June, with 236,091 active users already participating as of early in the month.
What Is Driving the Increase in Active Users?
The surge in activity can largely be attributed to the rollout of OpenSea’s OS2 update. Launched in May 2025, this upgrade introduced several features aimed at enhancing the user experience. Key improvements include the ability to trade both fungible tokens and non-fungible tokens (NFTs) seamlessly, without the need for bridging or swapping tokens. These changes have likely attracted new users and re-engaged previous ones.
Trading Volume Remains Stagnant
Despite the uptick in active addresses, OpenSea’s trading volume has seen only a marginal improvement. In May 2025, the platform recorded a trading volume of $81 million, up from $60 million in April. However, this figure is still a far cry from the platform’s peak of $5 billion in early 2022. As of June 6, the trading volume for the month stands at $24 million, showing no significant rebound despite the increase in users.
Challenges in the NFT Market
The broader NFT market has been facing challenges since its decline in 2022, leading many traders to question its long-term relevance. Major players in the space, such as Yuga Labs, have even opted to sell flagship NFT collections like CryptoPunks and Moonbirds to other firms. These market conditions have made it difficult for platforms like OpenSea to regain their former trading volume highs.
Can OS2 Revive OpenSea’s Performance?
OpenSea initially launched the OS2 update with hopes of revitalizing NFT trading activity on its platform. While the update has successfully increased user engagement, it has yet to translate into a meaningful recovery in trading volume. Time will tell whether these changes will have a lasting impact on the platform and the broader NFT ecosystem.
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