In May, OpenSea, a major player in the NFT market, recorded a significant uptick in its activity, achieving the highest user level of 467,322 active users since mid-2023. This resurgence was largely driven by the full release of the OS2 update on May 29. However, despite this increase in users, the monthly transaction volume of $81 million remains significantly below the early 2022 record high of $5 billion. Users now have the capability to trade NFTs and coins across 19 different blockchains and engage in the Voyages system, which allows them to accumulate XP. This activity is anticipated to play a role in the future SEA coin AirDrop.
Key Factors Supporting User Numbers Gain
The user growth witnessed in May echoes the vibrant period of mid-2022 for the platform. Data compiled by Dune Analytics suggests a similar trend continuing into June, with 236,091 wallet transactions occurring in the month’s initial days.
The most significant factor behind this surge is the transition of OS2 out of its beta phase. Since January 27, 2025, Gemesis NFT holders have been testing this version, which has now broadened multi-blockchain trading and reward integration to a wider audience, propelling platform momentum.
Transaction Volume Falls Short of User Influx
Notwithstanding the influx of users, the transaction volume did not match up. The $81 million transaction volume for May only reflects a small fraction of the $5 billion record set during the peak of the NFT craze in January 2022.
The market remains cautious, with investors keen on observing the sustainability of the recovery. Regardless, the platform’s support for transactions across 19 blockchains and the integration of the altcoin Solana 
$86 into the NFT space may expand potential liquidity channels, potentially supporting volume growth in the upcoming months.
SEA Coin Anticipation Keeps Platform Engagement High
The Voyages XP mechanism of OS2, which scores on-chain activities, is enhancing user loyalty and prolonging engagement time on the platform. While this mechanism is expected to play a role in the SEA AirDrop, no date has been announced for the coin’s release yet.
CMO Adam Hollander responded to the community’s “Wen TGE” query by indicating that a few surprise innovations will be completed first. Meanwhile, users continue their high activity on the platform, expecting that their transaction history will be a criterion for the AirDrop.
