OpenSea monthly active users surge to highest level since 2023 as OS2 goes live

OpenSea, one of the largest NFT marketplaces, has recorded its highest OpenSea monthly active users count since mid-2023, signaling a potential revival in the NFT sector. According to Dune Analytics, 467,322 users conducted at least one transaction in May, a figure not seen since the early days of the last NFT bull run.

The rebound in OpenSea monthly active users coincides with the full launch of OS2, the platform’s upgraded marketplace, which exited beta on May 29. The new version introduces multi-chain trading, a revamped rewards system, and heightened speculation around OpenSea’s upcoming native token, SEA.

Despite the uptick in OpenSea monthly active users, trading volume remains a fraction of its 2022 peak. Last month’s $81 million in transactions pales in comparison to January 2022’s staggering $5 billion.

OS2 launch fuels growth in OpenSea monthly active users

The official rollout of OS2 appears to be a major driver behind the spike in OpenSea monthly active users. The beta version, initially restricted to Gemesis NFT holders, tested features like cross-chain swaps and a new XP-based rewards program called Voyages.

Now fully live, OS2 supports trading across 19 blockchains, including Solana’s fungible tokens—a first for OpenSea. Analysts suggest that the platform’s expanded capabilities, combined with speculation around the SEA token, have reignited trader interest.

“The increase in OpenSea monthly active users shows that the market is responding to the platform’s innovations,” said NFT analyst Clara Mendez. “But sustaining this momentum will depend on whether OpenSea can deliver real utility with its token.”

Trading volume still far from peak levels

While OpenSea monthly active users are climbing, the platform’s trading volume tells a different story. The $81 million recorded in May is a stark contrast to the frenzied highs of 2022, underscoring how much the NFT market has cooled since its speculative peak.

Experts attribute the discrepancy to a shift in trader behavior. “Many of the new OpenSea monthly active users may be engaging with smaller trades or exploring the rewards system rather than making high-value purchases,” said blockchain economist Raj Patel.

Still, the steady rise in OpenSea monthly active users suggests growing confidence in the platform’s long-term viability, especially with the SEA token launch on the horizon.

Speculation around SEA token fuels user engagement

One of the biggest factors behind the surge in OpenSea monthly active users is the anticipation of OpenSea’s native token. Though the company has not confirmed a launch date, community speculation is rampant that early adopters could receive an airdrop.

OpenSea CMO Adam Hollander stoked further excitement in a recent blog post, teasing “releases and innovations” that would precede the token generation event (TGE). “The Foundation considers it essential to have several of these in place before launching the token,” he wrote.

This strategic ambiguity appears to be working in OpenSea’s favor, as the platform continues to attract new OpenSea monthly active users eager to position themselves for potential rewards.

What’s next for OpenSea?

With OpenSea monthly active users returning to levels not seen in nearly two years, the platform is at a critical juncture. The success of OS2 and the eventual launch of the SEA token could determine whether this resurgence is sustainable or merely a temporary bump.

For now, the data is clear: OpenSea is back on traders’ radars. The question is whether it can translate this renewed interest into the kind of trading volume that once defined the NFT gold rush.