OpenSea reports highest monthly user count since 2023: Are NFTs back?

OpenSea, the non-fungible token (NFT) marketplace, recorded its highest number of monthly users since mid-2023. The surge in activity comes as the company completes the rollout of its upgraded platform, OS2, to expand its services well beyond traditional NFT trading.

According to data compiled by Dune Analytics, OpenSea saw 467,322 active users in May 2025, its highest total in nearly two years. The figures were near the levels seen between mid-2022 and early 2023, before the downturn in the NFT market began.

OpenSea registered 56,400 daily active users in late May, numbers not recorded since April 2023, after daily user counts had consistently stayed below 25,000 for nearly a year.

Analysis shows May activity peaked at 2-year highs

According to Dune Analytics charts, OpenSea logged 111,724 users on May 30 alone. This included 87,601 new users and 24,123 returning users. As of early June, 236,091 users had already interacted with the platform, and if the trend continues, the month could surpass May’s totals.

Despite the spike in user numbers, trading volume on OpenSea remains far below the market’s peak. In May, OpenSea recorded a trade volume of $81 million. This figure pales in comparison to January 2022, when the platform handled over $5 billion in NFT transactions during the height of market euphoria.

Still, industry observers believe that the quality of user engagement may be improving, even if dollar volumes are not. The platform has seen a 40% increase in weekly unique collectors since January 2025, according to OpenSea’s Chief Marketing Officer, Adam Hollander.

OpenSea rolls out OS2 across 19 blockchains

OpenSea’s user growth coincides with the official launch of its upgraded platform, OS2, which exited beta last month. OS2 introduces a cross-chain functionality, supporting full token trading across 19 blockchains.

Users on the platform can now trade fungible tokens on Solana alongside NFT minting and multi-chain interactions. 

According to Hollander, the new system allows collectors to execute various blockchain actions, minting NFTs, swapping gaming tokens, and purchasing memecoins within a single wallet interface.

In a recent interview, Hollander explained that OpenSea’s OS2 will consolidate fragmented digital asset experiences into one unified platform. 

“Users were already juggling half a dozen DApps and bridges, we just streamlined that experience,” he said.

Market trends hint at NFT market revival

According to data from CryptoSlam, NFT buyer participation grew by 55.08% to 826,992 in May. The number of NFT sellers also rose, reaching 257,017, a gain of 18.12%. However, NFT transactions dropped by nearly 25%, totaling 1.65 million for the month.

Ethereum, the dominant chain for NFT sales, maintained its lead with $30.3 million in sales, although the network witnessed a 15.57% decline in the last week of the month. Ethereum’s wash trading volume also increased by 11.33%, hitting $1.8 million.

Away from the network figures, Courtyard, a marketplace focused on tokenizing physical trading cards, posted $20.7 million in sales during a single week in April. The surge came against the backdrop of Polygon briefly crossing Ethereum’s numbers in weekly NFT sales.

Polygon-based non-fungible tokens (NFTs) have now surpassed $2 billion in all-time sales volume. Sales volume rose from $16.3 million in November to nearly $20 million in December, followed by $25 million in January 2025, $37 million in February, and continued upward to $62.5 million in March, $71 million in April, and $74.7 million in May.

KEY Difference Wire helps crypto brands break through and dominate headlines fast