OpenSea's OS2 Update Sparks User Surge, But Trading Volume Lags

Active Addresses Soar to Early 2023 Levels

Holy smokes, OpenSea's buzzing again! Since dropping OS2 out of testing, their active addresses have shot up to heights we haven't seen since the wild days of early 2023. But hold your horses, because while the crowd's back, the cash isn't flowing like it used to.

44% Monthly Increase in Active Users

Get this: according to the number crunchers at Dune Analytics, OpenSea's monthly active addresses skyrocketed 44% last month. We're talking 467,322 thrill-seekers diving in and making moves in May 2025 alone.

User Numbers Echoing April 2023

Flashback time! The last time we saw this many users was all the way back in April 2023. And guess what? June's not slowing down, already clocking in at 236,091 users and counting. It's like a digital party, and everyone's invited!

OS2: The Game-Changer?

What's behind this user frenzy? It's gotta be the big OS2 update that hit the scene in May 2025. This bad boy lets you trade both your fungible and non-fungible tokens without breaking a sweat. No more bridging or swapping—talk about a game-changer!

Trading Volume Barely Budges

Here's the kicker: despite the user boom, OpenSea's trading volume is still napping. Dune Analytics tells us that May's trading volume was a measly $81 million, only inching up $21 million from April's $60 million. Seriously, where's the fire?

Far Cry from 2022's Glory Days

We're nowhere near the glory days of early 2022 when trading volumes hit a whopping $5 billion. And June? Forget about it. The trading volume's still dragging at $24 million as of June 6. It's like the party's happening, but no one's buying the drinks.

NFT Market Relevance Under Scrutiny

Ever since the NFT market took a nosedive in 2022, folks have been wondering if these digital collectibles are still the real deal. Big shots like Yuga Labs are even offloading their iconic brands like CryptoPunks and Moonbirds. What's next?

OS2's Impact: Jury's Still Out

OpenSea rolled out OS2 hoping to kickstart the NFT trading scene again, but so far, it's not quite the revival they were dreaming of. The jury's still out, but one thing's for sure: the crypto world's watching closely.