OpenSea’s Comeback: OS2 Upgrade Sparks a Revival
OpenSea’s long-awaited OS2 upgrade is proving to be a major turning point in the NFT ecosystem. After months of waning dominance, the platform has not only stabilized but resurged, reclaiming between 40% and 70% of NFT marketplace share depending on the data source. This comeback aligns with a broader narrative shift: while trading volumes have dipped significantly, user engagement and transaction counts are on the rise.
The OS2 upgrade, rolled out in May 2025, brought sweeping changes to OpenSea’s core infrastructure. It introduced multi-chain support for 19 chains, a cross-chain NFT purchasing interface, and a redesigned UI that streamlines discovery and usability. The platform also added gamification elements and social mechanics to deepen user interaction.
The results were swift. According to OpenSea, active user counts jumped 44% month-over-month in June. Analytics providers like DappRadar and NFTGo show a clear uptick in user retention and wallet connectivity post-upgrade. This translated into OpenSea capturing a renewed share of overall NFT marketplace activity, reversing a long-standing downtrend where competitors like Blur, Magic Eden, and Tensor had outpaced it.
Crucially, OpenSea’s resurgence came amid a bearish backdrop: NFT trading volume fell 45% in Q2 2025 compared to Q1, yet total NFT sales hit $2.82 billion in H1. The volume drop didn’t reflect disengagement—it reflected a normalization of speculative flipping and a pivot to real, utility-based adoption.
NFT Market Trends: Beyond the Volume Headlines
Despite the stark 45% decline in NFT trading volume during Q2 2025, the NFT market showed surprising resilience and evolving user behavior. While volume is often considered the headline metric, a deeper look reveals a robust shift from speculative activity to value-driven engagement.
In total, NFT trading volume fell from $2.03 billion in Q1 to $1.12 billion in Q2, with leading blockchains like Ethereum, Polygon, and BNB Chain all seeing reduced high-value transactions. However, the number of individual NFT sales surged by 78%, indicating a growing interest in lower-cost, utility-based NFTs. These include gaming assets, loyalty tokens, and access passes, which are more affordable and offer long-term use cases.
Monthly NFT transactions remained steady between 4 and 6 million, but the average transaction value dropped significantly. Most trades now occur in the $80 to $100 range, a clear sign that casual collectors and builders—not whales—are now the dominant participants. This shift coincides with improved UI/UX from platforms like OpenSea, which have lowered barriers for entry and introduced cross-chain functionality.
Moreover, NFT adoption has expanded to include institutional-grade platforms and verticalized applications. Rarible, Magic Eden, and Tensor are capitalizing on these trends by offering multi-chain minting, royalties, and liquidity options for creators. OpenSea’s OS2 upgrade directly contributed to this shift, enabling multi-chain minting and gamification features that better support community growth and product utility.
Expert Views: A Healthier Market Shift
NFT sales reached $2.82 billion in H1 2025 while trading volume dropped by 45%. Experts interpret this as a shift from speculation to utility-driven growth rather than weakness.
Rarible’s VP of Marketing, Aubrey Terrazas, told Cointelegraph this divergence highlights evolving market behavior. She observed lower trading volume alongside rising NFT sales counts and emphasized that “lower volumes signal a healthier, utility-driven market.” She remarked that collectors now focus on utility, community engagement, and long-term value—rather than chasing quick flips.
Alexander Salnikov, Rarible’s co-founder, echoed this view. He described the decline as a recalibration toward projects with real utility—like access passes, gaming assets, and loyalty tokens. He noted these shifts build trust and align collectors with meaningful value, not hype.
The numbers back their claims. Despite a sharp fall in volume, NFT sales counts jumped 78% in Q2. That indicates more wallets are engaging in affordable transactions around $80–$100. Renewed platform interest and on-chain improvements reinforce that too.
Those insights affirm what collectors have experienced. NFT sales now reflect broader participation driven by community value and real use cases. The market isn’t failing—it’s maturing.
Key Takeaways for Collectors
Here’s what the data and expert analysis mean for you as a collector:
Broader Participation Means Lower Price Entry
NFT sales reached $2.82 billion in H1 2025 but trading volume dropped 45% in Q2, while sales counts climbed 78%. That signals a market shift toward affordable transactions in the $80–$100 range.
Utility Over Hype
Experts agree that lower volumes with rising sales counts reflect utility-driven adoption. NFTs now serve as game assets, membership passes, or community tools.
Wallet Growth Replaces Whales
Monthly NFT transactions held steady at 4–6 million, with more wallets joining even as peak values decreased. This move from whales to everyday users boosts resilience.
Platform Innovations Matter
OpenSea’s OS2 upgrade and Rarible’s multi-chain efforts are clearly boosting accessibility and user activity. These improvements help you access new chains and ecosystems.
Still Watch for Wash Trading
Rising sales counts don’t always mean healthy activity. Research shows up to a quarter of volume on some platforms is wash trading. Scrutinize platforms and watch on-chain patterns.
Collectors’ Strategy at a Glance
Look for:
NFTs with clear utility like gaming tools or access tokens
Platforms offering multi-chain access and anti-wash transparency
Analytics tools that flag wash patterns, not just volume spikes
Actionable Tips and Tools
Now let’s equip you with practical strategies and tools to navigate NFT markets confidently.
Track Utility-Driven Collections
Use DappRadar and CryptoSlam to monitor NFT sales and trading volume trends. CryptoSlam tracks rarity, trading volume, and indices, helping assess project relevance. DappRadar shows live sales, rankings, and active-wallet counts across marketplaces.
Check Rarity and Floor Price
Rarity tools help evaluate uniqueness and value. Rarity Sniper, Trait Sniper, and Rarity Tools reveal trait-based scores. Use Flipside Crypto, OpenSea, and DappRadar to track floor prices and price alerts.
Watch for Wash Trading
Detecting wash trading strengthens your decisions. Use forensic tools like Chainalysis, Elliptic, or academic detection methods to spot suspicious patterns. HelloMoon.io monitors wallet activity and flags high wash-risk behaviors.
Use AI Fraud Detection
AI-powered tools like AnChain.AI, Dune, or NFTDisk deploy machine learning and graphs to spot wash patterns and abnormal flows. These tools go beyond surface metrics for deeper scrutiny.
Leverage Portfolio Trackers
Manage and benchmark multisuite NFT holdings with tools like Zerion, Zapper, or NFTGo. These tools track value, floor shifts, tokens, DeFi links, and wallet-level behavior.
Combine Multiple Tools
Relying on a single dashboard is risky. Pro-level users combine three to five tools like The Graph, Chainalysis, Nansen, and Flipside to validate market signals and avoid blind spots.
Final Thoughts
NFT sales totaled $2.82 billion in H1 2025. Yet trading volume plunged 45% in Q2, even as sales counts jumped 78%. This pattern signals a market that’s evolving, not collapsing.
Collectors now play on a more even field, with average purchase prices between $80 and $100. This affordability attracts new participants and encourages ongoing engagement.
Platform innovations are supporting this new landscape. OpenSea’s OS2 upgrade, rolled out in May 2025, added multi-chain support across 19 chains, cross-chain purchases, and gamified features. Its active user base surged 44%, and it reclaimed 40–70% market share depending on sources.
Despite the drop in trade value, wallet activity remains vibrant. In Q2 2025, average monthly NFT traders hit about 668,600—up 20% from Q1. That shows sustained interest at lower price tiers.
This transition is drawing praise from industry leaders. Rarible’s VP called the lower volume and rising sales count “a healthier, utility‑driven market.” She said NFT sales counts indicate real engagement and community adoption.
Collectors, take note: we’re in a phase defined by accessibility, utility, and diversity. Blend patience with smart insights. Focus on projects with real-world use, community backing, and transparent trading practices. Use robust analytics to detect risks like wash trading. Embrace tools that highlight value indicators—price trends, utility, rarity and volume authenticity.
The NFT market is refining itself. The surge in NFT sales—and its resilience amid lower volume—signals that it is establishing a base built on true participation, not hype. For collectors, this means a more grounded, opportunity-rich environment lies ahead.
Let’s continue this journey—with awareness, authority and purpose.
