OpenSea Sees Increase in Active Addresses Following OS2 Launch

OpenSea has experienced a notable rise in active addresses since launching its OS2 upgrade from the testing phase. While the number of active users has risen to levels last seen in early 2023, the trading volume remains low.

Key Takeaways

OpenSea's active addresses increased by 44% in May 2025, reaching 467,322 users.
The OS2 upgrade allows trading in both fungible and non-fungible tokens without needing to bridge or swap.
Monthly trading volume remains low, only reaching $81 million in May 2025.
The NFT market continues to decline, raising doubts about the sustainability of NFT trading.

OpenSea active addresses spike to new high after OS2 launch

Since the release of the OS2 upgrade, OpenSea has reported a 44% increase in monthly active addresses. Despite this surge in users, trading volume has not significantly improved, raising questions about the future relevance of NFTs.

Rise in User Activity

According to data from Dune Analytics, OpenSea saw a 44% increase in its monthly active addresses compared to April, with May 2025 achieving 467,322 users making transactions. In fact, this level of user activity hasn't been observed since April 2023. June has also shown promising signs, with 236,091 active users already recorded.

The noteworthy uptick in user engagement can likely be attributed to the significant OS2 update. Launched in May 2025, this platform enhancement enables users to trade both fungible and non-fungible tokens. Importantly, it eliminates the previous necessity of bridging or swapping tokens.

Low Trading Volume Continues

Despite the spike in active addresses, OpenSea’s trading volume has not increased correspondingly. According to Dune Analytics, the trading volume for May remained at $81 million, a meager increase of $21 million from April’s $60 million. This figure is considerably lower than the platform's peak of $5 billion in early 2022. As of June 6, the trading volume has only reached $24 million, indicating a lack of recovery despite the influx of new users.

Questions About NFT Relevance

The NFT market has faced a decline since 2022, prompting traders to question the ongoing relevance of NFTs. High-profile NFT companies, including Yuga Labs, have sold significant brands like CryptoPunks and Moonbirds to other firms.

OpenSea initially hoped that the OS2 upgrade would stimulate renewed trading activity in the NFT market. However, as of the current reporting, clear signs of success remain elusive.