Magic Eden is closing its Bitcoin and Ethereum Virtual Machine marketplaces and discontinuing its multi-chain wallet, marking a major strategic pivot away from its once-dominant Ordinals business.
Blockspace first reported that the company plans to phase out its EVM marketplace and Bitcoin Runes and Ordinals marketplace on March 9, followed by the Bitcoin API on March 27. The Magic Eden wallet will go into export mode before being completely discontinued on April 1. The company will continue to support Solana’s assets.
This move marks a sharp shift for a platform that gained fame as the leading Bitcoin Ordinals marketplace. After launching in March 2023, Magic Eden quickly captured more than half of Ordinals’ trading volume and at its peak controlled around 80% of Bitcoin Ordinals and Runes activity, with Bitcoin native assets accounting for around 70% of total volume.
Founded in 2021 as Solana $NFT marketplace, Magic Eden quickly dominated that ecosystem and later expanded across chains. The company raised $157 million in venture capital, including a $130 million Series B in 2022 that valued it at $1.6 billion.
CEO Jack Lu confirmed X’s strategic review, stating that the company is entering a new era where finance and entertainment merge. He said Magic Eden will streamline its market to focus solely on Packs and Solana, while doubling down on Dicey, its crypto casino and sports betting platform.
Lu cited a cost imbalance behind the decision, noting that 80% of expenses were related to products that generated only 20% of sales. Currently in closed beta, Dicey has around 200 users and has processed more than $15 million in bets in the last two months.
In addition to shutting down Bitcoin and EVM marketplace support, Magic Eden will end $NFT buy back and focus on ecosystem design and product initiatives associated with the $ME token. Lu said $ME will remain central to both Magic Eden and Dicey as the company refocuses on crypto entertainment and Solana-based products.
The restructuring signals a broader expectation that the next phase of growth will be in token trading and iGaming rather than multi-chain $NFT marketplaces.