OpenSea reports highest monthly user count since 2023: Are NFTs back?

OpenSea monthly active users chart. Source: Dune Analytics

Despite the spike in user numbers, trading volume on OpenSea remains far below the markets peak. In May, OpenSea recorded a trade volume of $81 million. This figure pales in comparison to January 2022, when the platform handled over $5 billion in NFT transactions during the height of market euphoria.

Still, industry observers believe that the quality of user engagement may be improving, even if dollar volumes are not. The platform has seen a 40% increase in weekly unique collectors since January 2025, according to OpenSeas Chief Marketing Officer, Adam Hollander.

OpenSea rolls out OS2 across 19 blockchains

OpenSeas user growth coincides with the official launch of its upgraded platform, OS2, which exited beta last month. OS2 introduces a cross-chain functionality, supporting full token trading across 19 blockchains.

Users on the platform can now trade fungible tokens on Solana alongside NFT minting and multi-chain interactions.

According to Hollander, the new system allows collectors to execute various blockchain actions, minting NFTs, swapping gaming tokens, and purchasing memecoins within a single wallet interface.

In a recent interview, Hollander explained that OpenSeas OS2 will consolidate fragmented digital asset experiences into one unified platform.

“Users were already juggling half a dozen DApps and bridges, we just streamlined that experience,” he said.

Market trends hint at NFT market revival

According to data from CryptoSlam, NFT buyer participation grew by 55.08% to 826,992 in May. The number of NFT sellers also rose, reaching 257,017, a gain of 18.12%. However, NFT transactions dropped by nearly 25%, totaling 1.65 million for the month.

Ethereum, the dominant chain for NFT sales, maintained its lead with $30.3 million in sales, although the network witnessed a 15.57% decline in the last week of the month. Ethereums wash trading volume also increased by 11.33%, hitting $1.8 million.

Away from the network figures, Courtyard, a marketplace focused on tokenizing physical trading cards, posted $20.7 million in sales during a single week in April. The surge came against the backdrop of Polygon briefly crossing Ethereums numbers in weekly NFT sales.

Polygon-based non-fungible tokens (NFTs) have now surpassed $2 billion in all-time sales volume. Sales volume rose from $16.3 million in November to nearly $20 million in December, followed by $25 million in January 2025, $37 million in February, and continued upward to $62.5 million in March, $71 million in April, and $74.7 million in May.