Magic Eden is shutting down 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 wind down 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 enter export only mode before being fully discontinued on April 1. The company will continue supporting Solana assets.
The move marks a sharp shift for a platform that rose to prominence as the leading Bitcoin Ordinals marketplace. After launching in March 2023, Magic Eden quickly captured over half of Ordinals trading volume and at its peak controlled roughly 80% of Bitcoin Ordinals and Runes activity, with Bitcoin native assets accounting for about 70% of total volume.
Founded in 2021 as a Solana NFT marketplace, Magic Eden quickly dominated that ecosystem and later expanded across chains. The company raised $157 million in venture funding, including a $130 million Series B in 2022 that valued it at $1.6 billion.
CEO Jack Lu confirmed the strategic overhaul on X, stating the company is entering a new era where finance and entertainment merge. He said Magic Eden will streamline its marketplace to focus exclusively 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 tied to products generating only 20% of revenue. Dicey, currently in closed beta, has around 200 users and has processed more than $15 million in wagers over the past two months.
In addition to shutting down Bitcoin and EVM marketplace support, Magic Eden will end NFT buybacks and concentrate on ecosystem design and product initiatives tied to its $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 bet that the next phase of growth lies in token trading and iGaming rather than multi-chain NFT marketplaces.
Source: https://cryptobriefing.com/magic-eden-solana-focus/
