Key Highlights
- Magic Eden will close its Bitcoin and EVM marketplaces by the first week of March 2026.
- The multi-chain wallet will enter export-only mode in mid-March and fully shut down in early April.
- The company will focus on Solana NFTs and pivot toward crypto entertainment, including prediction markets.
Magic Eden, a major NFT marketplace, is preparing to shut down major parts of its non-Solana operations, marking a significant strategic shift for one of the most prominent names in the Non-Fungible Token (NFT) industry.
According to people familiar with the matter cited by Blockspace, the company plans to sunset its Bitcoin and Ethereum Virtual Machine (EVM) marketplaces and discontinue support for its multi-chain wallet, while continuing to operate on Solana.
Planned shutdown timeline
Magic Eden’s Bitcoin and EVM marketplaces are expected to close during the first week of March 2026.
The multi-chain wallet will enter export-only mode in mid-March, allowing users to withdraw assets but disabling normal functionality. Full discontinuation is scheduled for early April.
The company will continue to maintain Solana-based assets and NFTs.
A platform built on rapid growth
Founded in September 2021, Magic Eden began as a Solana-focused marketplace. Within months, it controlled more than 90% of Solana NFT trading volume.
The company moved into Bitcoin after the launch of the Ordinals protocol in early 2023. Magic Eden launched its Bitcoin marketplace in March and quickly became a dominant player for Bitcoin-native NFTs.
Within a week, it captured over half of all Ordinals trading volume. At its peak, Magic Eden handled around 80% of trading for Bitcoin Ordinals and Runes. About 70% of the platform’s total volume came from Bitcoin-based assets.
From market leader to retrenchment
By the middle of 2024, Magic Eden had passed Blur and OpenSea to become the biggest NFT marketplace in the world by monthly trading volume. In March 2024 alone, it recorded $734 million in transactions.
The company raised $157 million in funding. This included a $130 million Series B round in June 2022 that valued it at $1.6 billion. Some of the investors were Paradigm, Sequoia Capital, Greylock, Electric Capital, and Lightspeed Venture Partners.
Multi-chain wallet to be discontinued
Magic Eden launched its multi-chain wallet in January 2024. It supported Solana, Bitcoin, Ethereum, and Polygon. The wallet became popular quickly, with more than 100,000 downloads on Android.
The upcoming shutdown shows the company is stepping back from cross-chain services and focusing again on its main operations.
Shift toward new products
The company has indicated a strategic move away from running a broad NFT marketplace. Chief executive Jack Lu said Magic Eden will now focus on crypto entertainment, including prediction markets and token-based offerings.
The closure of the Bitcoin and EVM marketplaces, along with the wallet wind-down, shows that the company is concentrating on Solana while looking for new revenue streams beyond NFTs.
Once known for its rapid expansion across multiple chains, Magic Eden’s decision reflects a broader recalibration in the NFT space, as platforms adjust to lower trading volumes and changing user behavior.
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