Magic Eden Pivots: Sunsetting Bitcoin and EVM Support to Focus on Solana and iGaming
Magic Eden is shutting down Bitcoin and EVM marketplaces to refocus on Solana and its Dicey iGaming platform after citing high costs and low revenue.
Magic Eden is scaling back its multi-chain ambitions and refocusing on its original Solana base. The NFT marketplace announced it will discontinue support for Bitcoin (Ordinals and Runes), Ethereum Virtual Machine (EVM)-compatible marketplaces, and its multi-chain wallet. Going forward, the company will concentrate on its core Solana ecosystem while shifting significant resources toward Dicey, its on-chain casino and sportsbook product.
Historical Context and Magic Eden's Evolution
Magic Eden quickly established itself as a dominant player in the Solana ecosystem due to its low fees, fast transactions, and intuitive interface. During the 2023–2024 surge in Bitcoin Ordinals, the platform expanded aggressively into Bitcoin and EVM chains (including Ethereum, Polygon, and Base), briefly capturing substantial trading volume across ecosystems. This multi-chain approach helped popularize Ordinals and broadened its user base.
However, as NFT trading volumes fell sharply from their 2021–2022 highs, supporting multiple chains became increasingly costly. The company is now scaling back that expansion to streamline operations and refocus on Solana while pursuing new growth opportunities.
Timeline of Changes
Magic Eden shared a step-by-step plan for winding down support:
March 9, 2026: Closure of the EVM marketplace and Bitcoin (Ordinals and Runes) marketplace.
March 27, 2026: Discontinuation of the Bitcoin API.
April 1, 2026: Magic Eden will fully shut down its multi-chain wallet. Starting March 13th, the wallet will only allow exports, and features like swaps will be turned off before then.
Trading Solana NFTs, collectibles, and Packs (mystery-box products) will continue as usual.
If you have assets in the Magic Eden wallet, it’s important to export your private keys soon and move to a compatible wallet like Phantom for Solana. Magic Eden has posted detailed guides in its help center to help with the move.
Strategic Rationale
CEO Jack Lu said the decision was driven by cost inefficiency. In a follow-up post, he stated that the discontinued marketplaces accounted for “about 80% of our costs” while contributing “negligibly” to revenue. With NFT trading volumes significantly lower than prior peaks, he indicated the multi-chain approach was no longer sustainable in the current market climate.
By contrast, Dicey — currently in closed beta — has shown early traction. According to Lu, roughly 200 users have wagered more than $15 million during its first two months. He described iGaming, or crypto-enabled online gambling, as a “massive opportunity” as finance and entertainment increasingly converge within the crypto ecosystem.
Dicey: The New Growth Focus
Dicey is a decentralized casino on the blockchain, with a sportsbook coming soon. It is similar to platforms like Stake. Users can place bets, join games, and even host their own events in an open environment. Solana’s fast network allows for quick settlements. Dicey’s early beta saw over $15 million in bets from a small group of users, showing strong demand as blockchain and entertainment come together.
Lu sees Dicey as part of a bigger trend where fast games and quick price changes attract more users. Most of Magic Eden’s resources are now focused on Dicey, and more updates are expected soon.
The $ME token will remain central to both Magic Eden and Dicey ecosystems. While specifics on integration (such as revenue sharing, staking benefits, or other utility) are forthcoming, the token is expected to play a key role in user engagement as the product suite evolves.
Broader Context and Market Implications
This change shows the challenges in the NFT market, where trading volumes are down and costs are high. Many platforms are looking for better ways to make money. By leaving lower-profit NFT trading and moving to higher-profit iGaming, which brings users back more often, Magic Eden hopes for more stable and lasting success. Still, there are risks, like gambling regulations and strong competition.
The community has had mixed reactions. Solana fans are happy about the renewed focus on their chain, but people involved with Bitcoin Ordinals and EVM are disappointed, especially since Magic Eden had supported those areas before.
Recommendations for Users
Bitcoin Ordinals/Runes holders: Migrate to alternatives such as UniSat, Gamma, or Satflow.
EVM NFT participants: Transition to platforms like OpenSea or Blur.
Solana ecosystem users: Anticipate seamless continuity in trading and features.
$ME token holders: Watch for upcoming Dicey announcements regarding enhanced utility.
This restructuring positions Magic Eden to pursue focused growth in its core Solana environment and emerging crypto entertainment verticals. As Lu stated, the platform's future will be "simpler, faster, and fueled by our original home on Solana and the success of Dicey."
