The Magic Eden wallet is becoming obsolete, the first announced $NFT marketplace. The wallet will only allow exports starting April 1, allowing users to move their private keys or seed phrases.
The Magic Eden wallet will be removed from all app stores and enter export-only mode, which will prevent new transactions or other activities.
Users should export the keys as soon as possible. The only version is the downloaded wallet and new Magic Eden wallets cannot be downloaded or restored. Magic Eden also discontinued its EVM and Bitcoin wallets on the site, as users had to withdraw all funds to bid, or claim them through the site’s support if they missed the March 27 cut-off date. All
Any assets can be shipped before April 1, or the keys can be imported into another wallet. Users are urged not to delete wallets as the app cannot be restored. Assets are still safe if users save their starting phrase and choose a new wallet.
The wallet will be completely shut down on May 1, eliminating any chance of salvaging private keys.
Magic Eden ran at the end of February
The abolition of the wallet was widely expected as Magic Eden left its former role as a wallet behind $NFT marketplace. The platform focused on other trends, including the crypto casino and sportsbook platform Dicey.
Earlier in March, Magic Eden closed its Ethereum and BTC marketplaces, draining liquidity from Bitcoin ordinal numbers and others $NFT collections. The Bitcoin API was shut down on March 27.
Magic Eden has focused on combining finance and entertainment, leveraging existing on-chain and Web3 infrastructure.
NFTs haven’t disappeared completely; Crypto Punks still achieved a turnover of as much as 31 ETH recently. Magic Eden still supports Solana collectibles and Pokémon packs. Magic Eden still supports a Solana $NFT marketplace, Solana packages and Solana Lucky Buy.
ME token remains central to Magic Eden
ME tokens will continue to be central to the Magic Eden rewards system. Stakers still receive USDC rewards for trapping ME. As a cryptopolite reportedMagic Eden has also set up a ME buyback program.
ME tokens are trading at $0.09, near an all-time low, but are still being used in an effort to provide incentives to the community. The token will also be used in the Dicey app and will remain the main path for users to interact with the platform. Over the past few months, Magic Eden has been working to integrate ME into the Dicey gaming economy. Token use cases can evolve with the project roadmap.
The platform’s native tokens are still waiting to unlock 28.4% of the supply, with ongoing linear unlocks. The ME airdrop and launch was considered one of the worst in the crypto space as the price immediately crashed while users received only minimal rewards for their $NFT trade. The token was launched just like this $NFT winter was in full swing, with an extremely high, fully diluted value of $10 billion.