Magic Eden is shutting down its Bitcoin and Ethereum Virtual Machine (EVM) marketplaces, alongside its multi-chain wallet, to strategically pivot. The company will cease support for Bitcoin Runes and Ordinals marketplaces on March 9, followed by its Bitcoin API on March 27. The Magic Eden wallet will become export-only before full discontinuation on April 1. Support for Solana assets will continue.
This move represents a significant shift for the platform, which previously led the Bitcoin Ordinals market, capturing over half of its trading volume at its peak. Founded in 2021 as a Solana NFT marketplace, Magic Eden expanded across chains and raised $157 million in venture funding.
CEO Jack Lu confirmed the strategic overhaul, stating Magic Eden is entering a new era merging finance and entertainment. The company will streamline its marketplace to focus exclusively on Solana-based offerings and its crypto casino and sports betting platform, Dicey. Lu cited a cost imbalance, with 80% of expenses supporting only 20% of revenue.
Dicey, currently in closed beta, has seen over $15 million in wagers processed in the last two months. Magic Eden will also end NFT buybacks, concentrating on ecosystem design and initiatives tied to its $ME token, which will remain central to both Magic Eden and Dicey. The restructuring signals a bet on token trading and iGaming over multi-chain NFT marketplaces for future growth.