Bitcoins
Magic Eden, one of the most prominent NFT marketplaces today, has announced that it will discontinue NFT trading support on EVM networks and Bitcoin starting in March 2026. The decision will affect platform users who hold NFTs on Bitcoin and EVM networks, as well as the broader Bitcoin NFT holder community, as the platform refocuses its strategy on its core ecosystem, Solana.
The move marks a notable shift in Magic Eden’s strategy. The platform previously gained prominence in the Bitcoin Ordinals ecosystem and expanded across multiple blockchains to build a multi-chain NFT marketplace.
Bitcoins Key Details and Timeline
According to an official service update from Magic Eden, the platform will gradually discontinue NFT marketplace services on EVM networks and Bitcoin over the coming weeks. The phased shutdown is designed to provide users sufficient time to transition and secure their assets before the services are fully discontinued
The shutdown timeline is as follows:
- March 9, 2026: NFT marketplaces on EVM networks and Bitcoin will officially shut down.
- March 13, 2026: Magic Eden Wallet will switch to export-only mode. Swap and cross-chain features will be disabled.
- March 27, 2026: Bitcoin/Runes API services will officially be discontinued.
- April 1, 2026: Magic Eden Wallet will be removed from app stores. However, users who have already installed the wallet will still be able to export their private keys and recover their assets in other wallets.
- May 1, 2026: Magic Eden Wallet will be fully shut down.
Users are therefore advised to cancel any active listings and bids, export their wallet private keys, or transfer their assets on EVM and Bitcoin networks to compatible wallets as soon as possible.
Bitcoins Why Magic Eden Is Scaling Back Its Multi-Chain NFT Strategy
According to Magic Eden CEO Jack Lu, the decision to end support for NFT marketplaces on EVM networks and Bitcoin is part of the company’s broader product strategy restructuring aimed at focusing on areas with stronger growth potential.
In a recent post on X, Jack Lu said that Magic Eden is entering a new phase where finance and entertainment on blockchain are increasingly converging. This shift has encouraged the company to allocate more resources to new products. Its iGaming platform Dicey has already attracted around 200 users and recorded more than $15 million in total wagers, highlighting the potential of the on-chain entertainment market.
The Magic Eden CEO also explained that maintaining multiple products simultaneously has been spreading the company’s operational costs. According to him, 80% of the company’s costs are currently tied to products that generate only around 20% of its revenue, making product streamlining a necessary step.
This imbalance is likely one of the key reasons behind Magic Eden’s decision to shut down its EVM and Bitcoin NFT marketplaces, where operational costs appear significantly higher relative to the revenue they generate.
Bitcoins A Look Back at Its Multi-Chain Expansion
Magic Eden launched in 2021 with a primary focus on the Solana ecosystem and quickly became the largest NFT marketplace on the network. At its peak, the platform accounted for around 90% of Solana’s NFT trading volume.
- 2022: The platform raised $160 million at a $1.6 billion valuation, as reported by CoinDesk.It marked the beginning of its expansion strategy across multiple blockchains in an effort to build a multi-chain NFT marketplace.
- 2023: When the Ordinals protocol launched on Bitcoin, Magic Eden quickly capitalized on the emerging trend and launched a marketplace for Bitcoin NFTs in March 2023.
- 2024: Magic Eden continued expanding its product suite by launching the Magic Eden multi-chain wallet, allowing users to manage assets across different blockchains.
However, as the NFT and Ordinals markets began to cool down, Magic Eden started shifting its focus toward new product categories. Notably, the company launched the iGaming platform Dicey, marking its expansion into the on-chain entertainment and crypto betting sector. As of now, Magic Eden has decided to scale back its marketplaces on EVM networks and Bitcoin.
Bitcoins What Comes Next for Magic Eden
The decision to discontinue support for EVM networks and Bitcoin once again demonstrates Magic Eden’s ability to adapt to changing market conditions and adjust its strategy when necessary, as the platform refocuses on the Solana ecosystem while expanding into new product verticals.
Beyond its core NFT marketplace, the company is also pushing into adjacent sectors such as blockchain gaming and on-chain entertainment through projects like Dicey.
The move also reflects a broader trend in the NFT market, where marketplaces are increasingly concentrating liquidity within specific ecosystems rather than maintaining costly multi-chain infrastructure.
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