- Magic Eden will shut down Bitcoin, Runes, and EVM marketplaces
- The multi-chain wallet will be discontinued by April 1
- The company is pivoting toward Solana, $ME token, and crypto gaming
Magic Eden is making a dramatic shift, stepping away from the very markets that once fueled its explosive growth. The company will wind down its Ethereum Virtual Machine marketplace and its Bitcoin Runes and Ordinals marketplace in March, followed by the shutdown of its Bitcoin API. Its multi-chain wallet will move into export-only mode before being fully discontinued in early April.
For a platform that once controlled the lion’s share of Bitcoin Ordinals trading volume, this is not a minor adjustment. At its peak, Magic Eden reportedly commanded roughly 80% of Bitcoin Ordinals and Runes activity. Bitcoin-native assets once made up about 70% of its total trading volume. That dominance, now, is being left behind.
From Multi-Chain NFT Giant to Solana Focus
Founded in 2021 as a Solana NFT marketplace, Magic Eden quickly became the dominant player in that ecosystem before expanding across multiple chains. The company raised $157 million in venture funding, including a $130 million Series B that valued it at $1.6 billion during the NFT boom. Back then, expansion across chains felt inevitable.
Now, the strategy is reversing. CEO Jack Lu confirmed the overhaul, explaining that the company is entering what he describes as a new era where finance and entertainment intersect. Magic Eden will streamline its operations, focusing primarily on Solana-based products and “Packs,” while stepping away from broader multi-chain NFT ambitions.
Cost Imbalance Drives Strategic Reset
According to Lu, the decision came down to economics. Roughly 80% of the company’s expenses were tied to products generating just 20% of revenue. That imbalance is difficult to ignore, especially in a post-boom crypto market where efficiency suddenly matters again.
The company is doubling down on Dicey, its crypto casino and sports betting platform, currently in closed beta. Despite having only around 200 users, Dicey has reportedly processed over $15 million in wagers in just two months. That traction appears to have convinced leadership that crypto entertainment and iGaming may offer stronger growth potential than fragmented NFT marketplaces.
$ME Token and Crypto Entertainment Take Center Stage
As part of the restructuring, Magic Eden will end NFT buybacks and reorient product development around ecosystem design and initiatives tied to its $ME token. Lu emphasized that $ME will remain central to both Magic Eden and Dicey as the company sharpens its focus.
The broader signal is clear. Magic Eden is betting that the next phase of crypto growth lies in token trading and digital gaming experiences rather than maintaining infrastructure across Bitcoin and EVM NFT ecosystems. It’s a bold pivot, and not without risk. But in a market that evolves fast, standing still can be riskier.
