OpenSea Active Users Surge 44% Post-OS2 Upgrade, But NFT Trading Volume Remains Subdued
OpenSea, the leading NFT marketplace, experienced its strongest growth in monthly active addresses in over two years, registering a 44% increase to 467,322 users in May 2025 following the OS2 platform upgrade. The OS2 upgrade introduced cross-token trading, allowing users to trade both fungible and non-fungible tokens without bridging or swapping, significantly improving user experience. However, despite this surge in user engagement, trading volumes on OpenSea remained muted. Monthly trading volume rose from $60 million in April to $81 million in May 2025, far below its $5 billion peak in 2022. Early June figures continue this trend, recording only $24 million in volume. The broader NFT market also shows persistent weakness, highlighted by industry leaders such as Yuga Labs selling collections like CryptoPunks and Moonbirds. Although the OS2 upgrade aimed to revitalize NFT activity, the increased engagement has yet to translate into a substantial recovery in trading volumes. Traders should note that while technology-driven improvements have boosted user numbers, sustained growth in transaction activity remains limited, indicating continued caution in the NFT sector.
Neutral
The OpenSea OS2 upgrade has driven a significant increase in active users, signaling renewed interest and improved platform functionality. However, this growth has not been matched by a meaningful recovery in trading volumes, which remain well below historical highs. The overall NFT market continues to display caution, with even leading firms downsizing holdings. As a result, the net impact on NFT market sentiment is neutral: while the user base is growing due to technological enhancements, there is not yet evidence of positive price action or sustained capital inflow into NFTs. Traders should monitor for a possible delayed reaction, but for now, trading activity does not reflect bullish momentum.