While sales volumes remain at a fraction of their 2022 highs, though the user activity surge is fueling cautious optimism about a broader market rebound. Namely, due to the number of NFTs sold in April and May has returned to February 2023 at over 2 million.
Launched on May 29, OS2 represents a strategic overhaul of OpenSea’s identity. The new platform supports token trading across 19 blockchains, introduces a gamified rewards system called “Voyages,” and teases the long-rumored SEA token airdrop. These moves aim to turn OpenSea into a full-spectrum on-chain hub rather than simply an NFT marketplace.
The Voyages system, now live with OS2, incentivizes on-chain activity with XP points widely expected to translate into SEA airdrop eligibility. Early evidence suggests the campaign is working: address activity surged in tandem with the update, though critics caution that wallet counts, OpenSea’s primary user metric, may be inflated by airdrop farming.
Momentum is hard to track directly amid incentives, but current signs are positive. OpenSea regained market share last month, reclaiming ground from rivals like Blur, whose token incentives had previously lured pro traders.
Sales volumes also rose slightly, reaching $81 million in 30-day turnover, though this remains more than 90% below the peak of $5 billion in January 2022.
Even with renewed interest, the path forward is far from certain. Many of OS2’s gains are tied to speculation around airdrops, and OpenSea hasn’t committed to a timeline for the SEA token. Meanwhile, its expansion into fungible token trading may dilute focus or draw the ire of decentralized exchange incumbents.
Still, the May surge signals that user interest in NFTs isn’t dead, but they are awaiting a reason to return. OpenSea’s gamble is that OS2, coupled with cleaner regulatory skies and multi-chain functionality, provides the spark. Whether that fire catches beyond this first wave of airdrop activity remains to be seen.
