OpenSea has seen a surge in active addresses following the release of OS2 from its testing phase. The number rose to levels previously only seen in early 2023, however its trading volume has remained low.
According to data from Dune Analytics, the platform saw a 44% increase in its monthly active addresses compared to the previous month. In May 2025, the NFT marketplace saw 467,322 users who made one or more transactions.
The last time the platform reached that many users was back in April 2023. In fact, June is already showing a similar pattern, with its current number already standing at 236,091 active users.
The sudden surge in users could be attributed to the marketplace’s recent major update, OS2. Launched in May 2025, the platform upgrade enables traders to trading in both fungible and non-fungible tokens. Not only that, the upgrade also removes the need to bridge or swap tokens.
Despite the jump in active addresses, the data shows that it has barely made a difference to the platform’s trading volume. According to Dune analytics, OpenSea’s monthly trading volume for May is still at $81 million, only jumping by $21 million from the previous month’s $60 million trading volume.
The number remains far below the platform’s previous highs back in $5 billion back in early 2022. Even in June, the trading volume has not seen signs of a revival, considering it has barely managed to reflect the active address increase. As of June 6, the trading volume stands at $24 million.
Ever since the NFT market began declining in 2022, many traders have begun to question whether NFTs are still relevant. Major NFT firms like Yuga Labs has chosen to sell their staple NFT brands, such as CryptoPunks and Moonbirds to other firms.
Initially, OpenSea hoped the OS2 update would boost NFT trading on the marketplace, reviving the NFT trade. However at press time, it has not shown signs of definite success yet.
