OpenSea Gains More Users with OS2 Launch, but Trading Volumes Remain Low
OpenSea has witnessed an increase in active users since launching OS2. This platform upgrade seems to be drawing in more people. According to Dune Analytics, the number of monthly active users rose by 44% last month.
In May 2025, OpenSea had 467,322 users who made one or more transactions.This is the highest user count as april 2023. The trend continues in June. Presently, the platform already has 236,091 active users.
Why the surge? Experts blame it on OS2, which came out of testing in May 2025. This update lets users trade fungible and non-fungible tokens. also, there’s no need to bridge or swap tokens.
However, despite the jump in users, the platform’s trading volume remains low. OpenSea’s trading volume for May was only $81 million, a slight jump from the previous month’s $60 million. This is far below its peak of $5 billion in 2022.
Even in June, trading volume hasn’t improved much. It stands at $24 million as of june 6.This has led some to question the relevance of NFTs. Big NFT firms like Yuga Labs are even selling their brands.
OpenSea hoped the OS2 update would boost trading. sadly, it hasn’t been the game-changer they thought it would be.
