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OpenSea Revitalizes NFT Market with Multi-Chain Expansion and User Incentives
OpenSea Revitalizes NFT Market with Multi-Chain Expansion and User Incentives
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OpenSea's May resurgence saw 467,322 active users—its highest since mid-2023—fueled by the full rollout of its OS2 upgrade. The update unlocked cross-chain trading across 19 blockchains and introduced Voyages, an XP-based reward system tied to the anticipated SEA token airdrop. Yet transaction volumes languish at $81 million, a fraction of the platform's $5 billion peak in early 2022.
Dune Analytics data reveals sustained momentum into June, with 236,091 wallet transactions in the month's opening days. The rebound mirrors mid-2022 activity levels, driven by OS2's exit from beta. Since January 2025, Gemesis NFT holders have stress-tested the infrastructure now enabling broader multi-chain interoperability.
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