OpenSea’s Rollercoaster: From High Hopes to Low Volumes! 🎢💸

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In a most curious turn of events, OpenSea has experienced a veritable explosion of active addresses following the grand unveiling of OS2, that much-anticipated update which, one might say, has been the talk of the town—or at least the talk of the few remaining NFT enthusiasts. The numbers have soared to heights reminiscent of the early days of 2023, though one must note with a raised eyebrow that the trading volume remains as flat as a pancake on a Sunday morning.

According to the ever-reliable Dune Analytics, the platform has witnessed a staggering 44% increase in its monthly active addresses compared to the previous month. In May 2025, a staggering 467,322 users graced the marketplace with their presence, each making at least one transaction. Quite the bustling bazaar, wouldn’t you agree? The last time such a throng gathered was back in April 2023, and June is already shaping up to be a repeat performance, with a current tally of 236,091 active users. Bravo! 🎉

Now, one might ponder the cause of this sudden influx of users. Could it be the allure of the marketplace’s recent major update, OS2? Launched in May 2025, this upgrade allows traders to dabble in both fungible and non-fungible tokens, a veritable buffet of digital delights! And, as if that weren’t enough, it has also eliminated the need to bridge or swap tokens—because who has the time for such trifles?

However, despite this apparent surge in active addresses, the data reveals a rather disheartening truth: it has barely made a dent in the platform’s trading volume. According to Dune Analytics, OpenSea’s monthly trading volume for May languished at a mere $81 million, a paltry increase of $21 million from the previous month’s $60 million. One might say it’s akin to throwing a party and having only the cat show up.

To put this in perspective, the trading volume remains a far cry from the platform’s glory days, when it boasted a staggering $5 billion back in early 2022. Even as June unfolds, the trading volume shows no signs of revival, barely managing to reflect the increase in active addresses. As of June 6, the trading volume stands at a dismal $24 million. Oh, the humanity!

Since the NFT market began its slow descent into the abyss in 2022, many traders have begun to question the relevance of NFTs. Major players like Yuga Labs have opted to sell their prized possessions, such as CryptoPunks and Moonbirds, to other firms, perhaps in a desperate bid to salvage their reputations.

Initially, OpenSea had high hopes that the OS2 update would breathe new life into NFT trading on the marketplace, reviving the once-thriving trade. However, as we stand at this juncture, it appears that the success they envisioned remains as elusive as a mirage in the desert.

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2025-06-09 15:07