- OpenSea hit 467K monthly users in May 2025, marking its highest user count since mid-2023.
- OS2 launch enabled trading across 19 blockchains with XP-based incentives and no token swaps.
After being sluggish for several months, OpenSea suddenly became busy again. Data from Dune Analytics shows that more than 467,000 active users interacted on this NFT platform throughout May 2025. That number is not only high, but it is the highest since mid-2023.
Compared to April, the increase reached 44%. Quite large for the size of the NFT market which, to be honest, has been feeling a bit cold lately.
A Big Update That Changes How People Use OpenSea
Behind the surge, there is something interesting. At the end of May, as we previously reported, OpenSea officially released OS2, the latest version of their platform. This is no ordinary update. Through OS2, users can buy and sell NFTs on 19 different blockchain networks—without the hassle of changing tokens or using bridges.
The new features are also intriguing: the XP system and the “Voyages” program that hints at the potential for a SEA token airdrop. It makes sense that many old users are returning, and curious new users are joining in.
Users Increase, But Volume Is Still Average
However, despite the surge in users, the NFT trading volume on OpenSea has not increased sharply. The total volume in May was recorded at around $81 million. It did increase from the previous month which was only $60 million, but it is still far from the heyday of early 2022, which had reached $5 billion.
So, it can be said that this spike in activity does not necessarily reflect healthy interest in buying NFTs. Many analysts suspect that most of the activity was driven by hopes for airdrops and XP collection.
On the other hand, OpenSea’s steps to strengthen its regulatory foothold have also attracted quite a lot of attention. On April 9, they filed an official letter to the SEC, requesting that NFT platforms like theirs not be categorized as stock exchanges or brokers.
In the letter, OpenSea called itself only a “digital bazaar,” not a transaction executor like a stock exchange. The goal? They want legal clarity so that the ecosystem can develop without being haunted by uncertainty.
Not only that, on February 21, the SEC stopped its investigation into OpenSea. A move that many consider to be a signal that the regulator’s approach in the post-Gensler era is starting to soften. The focus now is no longer on the definition of digital assets that are too broad, but more on handling real fraud cases. That’s welcome news, especially for NFT platforms and their creators.
Interestingly, even though the NFT market has yet to fully recover, OpenSea seems to want to seize the moment. Not only through features and regulations, but also through a more user-friendly platform design.
And if this surge in users can be sustained in the following months, it is not impossible that OpenSea will once again become a major player driving the NFT market.
