The NFT market is appearing again, as OpenSea, the largest NFT marketplace, shows a major rise in user activity right before its long-awaited airdrop and token generation event (TGE) for $SEA.
But overall trading volume is still well below the highs of the bull market; however, recent user engagement data suggest that the NFT space might be heating up again.
Monthly Active Users Hit 2-Year High
In May 2025, OpenSea claimed to have counted 467,000 monthly active users—a number that surged to its highest level in over two years. The increase in activity came hand in hand with growing excitement for OpenSea’s native token, $SEA, which is expected to be distributed to eligible users airdrop-style following the soon-to-happen token generation event (TGE).
In this, the first section of the piece, I will discuss the activity surge at OpenSea and then speculate on what it might mean for the upcoming OpenSea token event.
In tandem with this growth in users, the platform also witnessed a significant increase in NFT trades. Monthly sales soared to 2.12 million, making it one of the top-performing months in recent memory. This number is nearly at a 30-month high, showing that both collectors and traders appear to be reinvigorated with their interest in NFTs.
The increase in user count and transaction volume follows a long period of stagnation in the NFT market. While overall market sentiment is still cautious, even some commentators who are usually very upbeat have recently taken a more measured tone, the combination of token incentives, platform upgrades, and possibly the launch last week of what are expected to be several exciting developments from Instagram (see below) appears to have reignited user engagement in the space.
OS2 Upgrade Brings Multi-Chain Support and Rewards
The latest push is largely credited to OpenSea’s launch of its next-gen, May 29 platform, “OS2.” This upgrade brought with it a slew of new features, such as the support for a very diverse lineup of 19 blockchains, which most of OpenSea’s competitors do not offer. This expanded compatibility might play an important role in wooing a bunch of users and projects from the much larger crypto ecosystem.
OS2 also contains a newly integrated token swap feature and an improved rewards program designed to stimulate platform usage. These updates show that OpenSea has intentions beyond just being a marketplace. By adding these DeFi-like functions, OpenSea is attempting to become an all-in-one ecosystem that can serve both Web3 veterans and newcomers.
The direct effort to re-engage the user base is what the new rewards system looks like. It is, in my opinion, a pretty straightforward response to a problem that has a lot of potential solutions. The rewards system isn’t going away anytime soon; it appears to be here to stay.
Trading Volume Still a Fraction of Peak Levels
Even with the truly impressive swell of active users and total transactions, OpenSea’s trading volume still feels relatively modest. In May, total volume hit $84 million, while the platform’s all-time high felt like it hit a different stratosphere at $5 billion recorded back in January 2021.
The difference between user activity and dollar volume suggests that the current wave of engagement is still in its early stages. It seems a lot of the recent transactions may be driven more by speculation on the airdrop than by real market demand for high-value NFTs.
Put differently, even though the indicators tied to users and sales are looking better these days, it clearly isn’t time yet to shout from the rooftops that a full-on NFT revival is here. The larger crypto market is also a factor, with NFTs tending to trail in the wake of big moves for top assets like Bitcoin and Ethereum. But whatever else might be going on, the latest performance from OpenSea is a clear signal that the NFT sector itself is gaining momentum.
Conclusion: Early Signs of a Thaw
The NFT market may not be completely vibrant yet, but the performance of OpenSea recently suggests something of a thaw. With user engagement at a two-year peak and millions of NFTs trading hands every month, the digital collectibles scene seems to be gaining traction again.
The wave of optimism that has been created among NFT enthusiasts and watchers by the OS2 platform upgrade and the upcoming $SEA token drop is something we should note. Trading volume is still not in the neighborhood of what it needs to be before matching previous highs, but OpenSea’s growth is a positive sign. If nothing else, it’s preparing us for the next big moment in the NFT space, which this time could be more about utility, interoperability, and community incentives.
The crypto ecosystem is still evolving, and all eyes will be on OpenSea to see if it can shift this early momentum into something more sustainable—a sustained growth pattern in a market that’s still uncertain.
I mean, this isn’t even a growth story yet, is it? It’s a story of successful fundraising. But hey, it looks like they’re using the capital to make something big happen. So, good on ’em!
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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