The NFT space is showing signs of a potential rebound, as the popular NFT marketplace OpenSea recently recorded a significant surge in user activity. According to data from Dune Analytics, a tool for analyzing blockchain data, the active monthly users on OpenSea reached 467,322 in May, the highest since mid-2023.
The NFT market had been navigating a prolonged downturn before a dramatic shift in momentum happened in May. OpenSea’s monthly active user base witnessed a remarkable resurgence, surging to approximately 467,000.
Is the NFT Rebound Here?
The new record represents a notable 44% increase from April, marking the highest monthly active user count since April 2023. That same month, the platform’s daily active user count soared to 56,400, a level not seen in over a year.
OpenSea’s latest milestone is a significant shift from its previous trend, where daily users had hovered below 25,000 for nearly 12 months. The last time it surpassed 50,000 was in April 2023.
In addition to the increase in user activity, 111,724 users engaged with the platform on May 30, 87,601 newcomers and 24,123 repeat visitors. Notably, the number increased at the beginning of June, with the NFT marketplace attracting about 236,091 users last week.
With May’s impressive numbers already in the books and June showing no signs of slowing down, OpenSea is poised to revive the NFT landscape. The latest record has sparked optimism, fueling speculation that a broader market resurgence may be on the horizon.
Token Launch Fuels OpenSea’s Surge
OpenSea’s recent record can be largely attributed to news of the platform’s plans to launch a native token dubbed SEA. The platform made this announcement in April after upgrading its OS2 platform.
The OS2 platform is a revamped platform that OpenSea launched, intending to enhance the trading experience for both NFTs and cryptocurrencies. The upgrade featured a new fee model, with the platform charging 0.5% for NFT transactions and 0% for token trades.
The platform’s push for regulatory clarity may also have contributed to its recent success. In a recent report, OpenSea, in a letter directly addressed to Commissioner Hester Peirce, Chair of the Crypto Task Force, formally requested the U.S. Securities and Exchange Commission to confirm that NFT marketplaces should not fall under the regulatory umbrella of securities exchanges or brokers.
