Ethereum NFT Traders Return to 40K After Utility Overhaul

- The Number of Ethereum NFT Traders Recovers to Around 40,000 - Key Factors: Utility Overhaul by OpenSea and Game Developers [Unblock Media] The number of Ethereum NFT traders has recovered to around 40,000, reaching mid-2022 levels, reported The Block. This recovery is attributed to the utility overhaul by OpenSea and game developers. The utility overhaul was collectively pursued from Q4 2024 to Q1 2025. OpenSea launched 'OpenSea Studio' in December 2024, allowing creators to easily deploy their own smart contracts and set royalties. Subsequently, the release of 'OpenSea 2.0 Beta' in January 2025 significantly improved the user experience with enhanced trade speed, transparency in the fee structure, and a complete UI overhaul. These changes were significant as they practically improved the experience of NFT holders and market participants. Utility changes were also made in gaming and metaverse platforms. Yuga Labs' Otherside expanded utility by offering in-game benefits and early access to NFT holders from early 2025. Games based on the Immutable and Ronin networks also strengthened real asset integration through NFTs, expanding their user base. According to DappRadar, in May 2025, the number of Ethereum-based NFT traders was around 39,000 monthly, similar to the mid-2022 level. During the same period, NFT trade volume increased by 40% month-on-month, with Ethereum leading the recovery with a 53% market share. Comparatively, Solana saw a 20% increase in NFT traders in Q2 2025 due to increased activity on leading platforms like Magic Eden and Tensor. Polygon saw a 9.6% rise in users as gaming and social NFTs spread as of May. Meanwhile, although the active addresses of Bitcoin Ordinals increased, NFT trade volume slowed down. Ethereum maintains a leading position in terms of trade volume, liquidity, and ecosystem scale, with other multi-chains like Solana and Polygon also showing recovery. The current recovery is driven by detailed utility overhauls such as UI/UX improvements, fee transparency, and enhanced royalty functions, directly contributing to the influx and activation of traders. Additionally, the value of 'ownership and utility' of NFTs has been highlighted, strengthening fundamentals. Future drivers include the expansion of functionality-focused innovations such as built-in smartphone NFTs, game and metaverse collaborations, and increased cross-chain interoperability. The widespread adoption of Web3 technologies and synergy between DeFi and integrated ecosystems are expected to expand the NFT demand base. Ethereum continues to hold an advantage in trade volume, while other chains are attempting to regain market share by emphasizing NFT utility along with lower fees and faster speeds. If a multi-chain interconnected NFT environment is established, there is room for a broader growth in the trader base. In conclusion, practical utility improvements by OpenSea and game developers provided the key momentum for the market recovery, and as interconnections among multi-chains like Ethereum, Solana, and Polygon become more established, the NFT market is likely to enter a genuine recovery phase.