OpenSea recorded the largest monthly user base for the first time since mid-2023, a sign of growing engagement with the NFT marketplace.
OpenSea, a Miami-headquartered non-fungible token (NFT) marketplace, has recorded a noticeable rally in active users on its platform. This development expands the American company and marks a rebound in the activity surrounding digital collectibles.
OpenSea Monthly Trading Volume Active User Outlook
Data from Dune Analytics showed that OpenSea recorded 467,322 active users in May. These are those who made one or more transactions on the NFT platform. This marked the largest active monthly user base since mid-2023 and matched the levels observed in mid-2022 to early 2023.
The recent rally in OpenSea active users could be attributed to the official launch of OS2 and users’ potential reward expectations. The private beta for OS2 was launched in January 2025, with early access opened to the Genesis NFT holders. OS2 introduced a unique opportunity to explore new features like a new traits tab, an explore tab, and enhanced sorting tools.
It also provides feedback to improve the OpenSea platform. OpenSea’s OS2 later went live in open beta in February, featuring cross-chain token trading, enhanced UX, and a new rewards system. This also marked the introduction of XP, a new rewards program incentivizing active platform participation.
OS2 also features a revamped rewards system called Voyages, which grants XP (as experience points) for on-chain activities. Meanwhile, OS2 is fully live, with users trading tokens and NFTs across 19 chains. It also supports Solana’s fungible tokens.
Market watchers are already imagining that June’s turnout on the same metric may be similar. The more optimistic experts are projecting an even higher number of active users, as the current number stands at 236,091. To a significant extent, the monthly trading volume on OpenSea does not reflect the recent elevated interest.
It is still notably lower than the levels seen in 2021 and early 2022, just before the NFT market experienced a downturn. For context, the monthly trading volume in January 2022 hit a peak of over $5 billion, while that of May 2025 was only $81 million.
OpenSea Users Are Dissatisfied With Token Airdrop Mechanism
On one hand, users are looking forward to the potential future airdrop of OpenSea’s native SEA token.
There have been controversies surrounding this matter as users expressed dissatisfaction with its airdrop reward system. With the launch of OS2 and XP, users expect a boost in their eligibility for the upcoming airdrop of the platform’s native token, SEA.
However, the community members thought that the XP system was not favorable for developers within the ecosystem. They also pointed out that it encourages ill practices like wash trading. The system was also accused of prioritizing fee generation over genuine engagement.
The trading activity of the top Opensea $SEA airdrop farmers is absolutely crazy.
Let's take a look at DE777, the top XP farmer of the last 24 hours.
As soon as one of his bids is triggered, he immediately dumps the NFTs on the next farmer, sometimes within seconds of his bid… pic.twitter.com/q9MAT9XZrN
— wale.moca 🐳 (@waleswoosh) February 17, 2025
Wale, a popular NFT collector and influencer, described the new mechanics as “Blur farming on steroids.” By this phrase, he was calling attention to the dangers of high-frequency trading without the necessary safeguards.
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