The NFT market is resurging as OpenSea, the leading NFT marketplace, experiences a significant uptick in user activity ahead of its highly anticipated airdrop and token generation event (TGE) for $SEA.
Despite this, overall trading volume remains considerably lower than the peaks observed during the bull market. However, recent engagement metrics indicate that the NFT sector might be gaining traction once more.
Monthly Active Users Reach Two-Year High
In May 2025, OpenSea reported a total of 467,000 monthly active users—marking the highest figure in over two years. This surge in activity coincided with increasing anticipation for OpenSea’s native token, $SEA, which is scheduled for distribution to eligible users in an airdrop post-token generation event (TGE).
This first section of the article will explore OpenSea’s activity surge and speculate on its implications for the imminent token event.
Alongside the increase in users, the platform also noted a marked rise in NFT trades, with monthly sales soaring to 2.12 million. This makes it one of the best-performing months in recent memory, nearly reaching a 30-month high. It appears that both collectors and traders are re-engaging with their interest in NFTs.
This resurgence in user count and transaction volume follows a lengthy period of market stagnation. While general market sentiment remains cautious, with even previously optimistic commentators adopting a more conservative view, factors such as token incentives, platform enhancements, and recent developments from Instagram may have revitalized engagement in the sector.
OS2 Upgrade Introduces Multi-Chain Compatibility and Incentives
The recent surge in activity is largely attributed to the launch of OpenSea’s next-gen platform, “OS2,” on May 29. This upgrade introduced an array of new features, including support for a diverse selection of 19 blockchains, a capability that most competitors lack. This expanded compatibility may play a crucial role in attracting new users and projects from the broader crypto ecosystem.
OS2 also integrates a token swap feature and enhances the rewards program, aimed at encouraging platform usage. These updates signal OpenSea’s ambitions to evolve beyond a simple marketplace. By incorporating DeFi-like functionalities, OpenSea seeks to establish itself as an all-in-one ecosystem catering to both seasoned Web3 veterans and newcomers.
The introduction of the new rewards system is a strategic move to re-engage users and reflects a straightforward solution to an ongoing challenge. This rewards program appears to be a permanent fixture on the platform.
Trading Volume Still Below Peak Levels
Despite the remarkable uptick in active users and transactions, OpenSea’s trading volume remains modest in comparison. In May, total volume reached $84 million, while the all-time high surged to an astronomical $5 billion in January 2021.
The disparity between user activity and trading volume indicates that the current wave of engagement may still be in its infancy. Many recent transactions seem to be influenced more by speculation regarding the upcoming airdrop than by genuine market demand for high-value NFTs.
This means that while indicators related to users and sales are improving, it may not be the right moment to proclaim a full-fledged NFT revival. The broader cryptocurrency market dynamics also play a role, as NFT trends often follow substantial movements in leading assets like Bitcoin and Ethereum. Nevertheless, OpenSea’s latest performance suggests that the NFT sector is indeed gaining momentum.
Conclusion: Signs of a Thawing Market
While the NFT market may not be thriving just yet, OpenSea’s recent performance indicates a potential thawing. With user engagement reaching a two-year peak and millions of NFTs being traded monthly, the digital collectibles market appears to be gaining traction again.
The optimism sparked by the OS2 platform upgrade and the impending $SEA token airdrop is noteworthy. Although trading volume is still a far cry from previous peaks, OpenSea’s growth signals a positive trend. It may well be gearing up for the next significant advance in the NFT landscape, potentially centered around utility, interoperability, and community incentives.
The cryptocurrency ecosystem continues to evolve, and all eyes will be on OpenSea to see if it can translate this initial momentum into a sustainable growth trajectory in an uncertain market.
In conclusion, this isn’t a traditional growth story just yet; rather, it reflects a successful fundraising effort. However, it seems like they are poised to leverage this capital to make meaningful advancements. Kudos to them!