In May 2023, OpenSea, a leading platform in the NFT market, experienced a notable rise in activity, reaching a peak of 467,322 active users — the highest since the previous year. This boost in user engagement can be attributed to the launch of the OS2 update at the end of May. Despite an increase in user participation, the platform’s monthly transaction volume of $81 million remained far below the record $5 billion achieved in early 2022. OpenSea now allows trading of NFTs and coins across 19 blockchains and an innovative Voyages system, which is expected to influence the forthcoming SEA coin AirDrop.
What Drives User Growth on OpenSea?
The surge in users during May mirrors the platform’s vibrant period in mid-2022. Recent statistics from Dune Analytics show this positive trend continuing into June, with 236,091 wallet transactions being recorded in the early days of the month.
This increase is primarily due to the OS2 platform’s transition from beta testing. Since January 2025, Gemesis NFT holders have tested this version, which has now extended its multi-blockchain trading capabilities and reward features, sparking renewed interest and contributing to platform growth.
Why Is Transaction Volume Lagging?
Despite the rise in users, May’s transaction volume fell short, registering only $81 million compared to the record-breaking $5 billion in transactions noted at the height of the NFT boom in January 2022.
The market remains circumspect, with investors closely monitoring the sustainability of this resurgence. Nonetheless, with support for transactions spanning 19 blockchains and Solana‘s inclusion in the NFT ecosystem, OpenSea may see improved liquidity channels, potentially enhancing future transaction volumes.
Is SEA Coin Fueling User Engagement?
With OS2’s Voyages XP mechanism rewarding on-chain activities, user loyalty and engagement have strengthened. Even though this feature is tied to the anticipated SEA AirDrop, its release date remains undisclosed.
CMO Adam Hollander addressed community queries about “Wen TGE,” suggesting that several exciting innovations must be finalized first. Meanwhile, users maintain high activity levels on the platform, hoping their transaction history will be advantageous when the AirDrop occurs.
- OS2’s full release in May led to a substantial increase in active users.
- Transaction volume in May was significantly lower than its peak in January 2022.
- Anticipated SEA coin AirDrop via Voyages XP strengthens user engagement.
Hopes are high that OpenSea’s recent enhancements will position it favorably in the NFT market’s ever-evolving landscape. While challenges exist in catching up on transaction volume, the multi-blockchain functionality and Solana’s integration present new opportunities for expansion and increased activity in the coming months. Additionally, OpenSea remains committed to innovation, fueling optimism and anticipation among its user base.
