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OpenSea User Surge Doesn't Signal Volume Recovery
OpenSea recently announced its highest user activity since April 2023, yet trading volume continues to lag significantly behind. Following the release of its OS2 upgrade in May, the platform experienced a 44% increase in active addresses, totaling over 467,000 wallets engaged in transactions.
This upgrade enhances user experience by enabling the trading of both fungible and non-fungible tokens without the need for bridging or swapping. Despite these improvements, the total trading volume for May only reached $81 million, a stark contrast to the $5 billion peak in 2022.
While user numbers have increased, the core activity and trading volume do not show strong signs of recovery, raising ongoing doubts about the long-term relevance and vitality of the NFT market.
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AI Analysis
The recent rise in active user count on OpenSea indicates increased engagement following the OS2 upgrade, which notably improved usability by allowing seamless trading of both fungible and non-fungibl...
AI Recommendation
Investors should exercise caution despite the increase in active users. The lack of significant volume growth suggests that the underlying demand and transactional activity remain weak, implying that ...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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