According to a report, in May 2025, the monthly active user count of the NFT trading platform OpenSea reached its highest level since mid – 2023. Here are the details:
User Data: Data from Dune Analytics shows that in May, OpenSea had 467,322 users who made at least one transaction, a number comparable to that from mid – 2022 to early 2023. As of June 9, the number of active users in June has reached 236,091, which may be on a par with or even higher than that in May.
Reasons for the Increase in Users: The significant increase in active users may be attributed to the official launch of OS2 on May 29 and users’ expectations of potential rewards. OS2’s beta version was only open to Gemesis NFT holders, focusing on testing new features. After its official launch, it supports trading across 19 blockchains and also features a revamped rewards system called Voyages, which grants XP for on – chain activities. In addition, users also expect that their platform engagement will be a factor in a potential future airdrop of OpenSea’s native Sea token.
Trading Volume Data: Although user interest in OpenSea has rebounded, the platform’s monthly trading volume is still far below the levels in 2021 and early 2022 before the NFT market downturn. The trading volume in May 2025 was $81 million, while the monthly trading volume peak in January 2022 was over $5 billion.
Analysis of the Disparity between Users and Trading Volume: Experts believe that the disparity between the increase in users and the trading volume is due to a change in trader behavior. Many new users may be engaging in smaller trades or exploring the rewards system rather than making high – value purchases.
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