Is the NFT Wind Coming Back? NFT Platform OpenSea Reaches Its Last 2-Year High in Deal Volume! Here Are the Details

Leading NFT marketplace OpenSea saw its highest number of active users since mid-2023 last month, however trading volume stays well below previous market peaks. According to Dune Analytics data, 467,322 users performed at least one transaction on OpenSea in May, similar to the platform’s peak period in mid-2022– early 2023. June has already reached over 236,000 active users, suggesting ongoing momentum. However, trading volume is still far from the record levels of 2021 and early 2022. In May 2025, OpenSea recorded monthly trading volume of $81 million, well below the record volume of over $5 billion in January 2022. The increase in the number of active users is largely credited to the main release of OpenSea’s new version, OS2, on May 29. The beta period was open only to Gemesis NFT holders (a collection of 94,757 NFTs mined in April 2023) and focused on testing the platform’s new features. The beta phase of OS2 began on January 27, 2025, and is now fully functional. With the new release, OpenSea users can now trade NFTs and tokens on 19 different blockchains, including Solana’s fungible tokens. The platform also announced a new rewards system called Voyages, which allows users to earn XP (experience points) based on their on-chain activities. Alongside these developments, there is also anticipation within the community of a possible airdrop of OpenSea’s native token, SEA. However, no official date has been announced yet. “I know you’re all asking ‘when is the TGE?’ (when will the token be released?),” said Adam Hollander, OpenSea CMO, “But we have a lot of surprises ahead of us, new launches and developments. It’s very important to get these foundations in place before we launch the token.” OpenSea’s revival of its user base in this new era is notable, it appears that the NFT market still needs time to bring its total deal volume back to previous levels. * This is not investment advice.