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The NFT sector may be on the brink of a comeback after many months of low activity. More users are interacting with OpenSea, the leading NFT marketplace.
According to data analyzed by the crypto research platform Dune, OpenSea recorded its highest monthly users in two years last month. The marketplace had 467,322 active users in May, its highest number since April 2023, when the total was 506,730. Notably, OpenSea recorded significant monthly active users between mid-2022 and early 2023 before the NFT market took a turn for the worse.
Daily active users on the NFT marketplace reached an average of 56,400 in late May, with the highest daily count exceeding 111,720 on May 30. Dune shows that 87,601 users counted on May 30 were new, while 24,123 were returning users.
Despite the relatively high number of monthly users, OpenSea’s fees and trading volume for May were low. The platform had a monthly volume of $81.3 million, while fees totaled approximately $1.77 million. The monthly volume is a far cry from the figures recorded in early 2022 – $5 billion and $3.5 billion in January and April, respectively.
On the brighter side, the number of NFTs sold throughout May surpassed 2.11 million, falling slightly below the 2.2 million recorded in April. These levels were last seen in February 2023 but still pale in comparison to January 2022, when 5.2 million NFTs were sold.
The market is barely two weeks into June, and OpenSea has already recorded interaction from 277,931 users. Daily active users peaked at 119,680 on June 11, with $33.5 million in monthly volume. If this trend continues, June could surpass May in active users, and even better, the NFT sector could witness a rebound in activity.
Interestingly, the growth in OpenSea user activity comes alongside the launch of an upgraded platform, OS2, which aims to unlock new experiences for users. OpenSea took OS2 out of its beta phase last month and announced its launch on May 29. Users have gained access to token trading across 19 chains, as well as a new quest-based rewards system named Voyages.
With OS2, users can swap and mint tokens across multiple chains, including Solana, within a single wallet interface. The platform unifies and streamlines fragmented digital asset experiences.
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