Magic Eden is shutting down its Ethereum, Polygon, and Bitcoin NFT marketplaces to concentrate resources on its Solana operations and an emerging gambling platform called Dicey.
CEO Jack Lu confirmed the decision, outlining a phased timeline that begins March 9 when trading support for EVM and Bitcoin-based Runes and Ordinals markets ends. The Bitcoin API follows on March 27. The platform’s crypto wallet moves to export-only mode in mid-March before a full shutdown takes effect on April 1.
The rationale is straightforward. Despite raising over $130 million to support Ethereum and Bitcoin Ordinals, Solana assets accounted for more than 85% of Magic Eden’s trading volume through late 2024. Non-Solana products were not contributing meaningfully to revenue. Maintaining cross-chain compatibility had become a technical burden generating diminishing returns.
Magic Eden’s trajectory since its 2021 launch captures how quickly crypto market conditions can shift priorities. The platform once held roughly 90% of Solana’s NFT volume before evolving into a multi-chain marketplace and raising at a $1.6 billion valuation. Its expansion into Bitcoin Ordinals briefly propelled it to the number one global marketplace ranking in early 2024. That momentum did not hold. As the Ordinals and Runes hype cooled, sustained engagement failed to materialize.
The company is now redirecting its focus toward Dicey, its iGaming platform currently in closed beta. Lu described the effort as a “massive opportunity” at the intersection of finance and entertainment. In two months of beta testing, approximately 200 users wagered over $15 million on the platform. Magic Eden also plans to launch a sportsbook, positioning Dicey to compete with established blockchain gambling platforms such as Stake.
This shift reflects a pattern visible elsewhere in the crypto industry. Venture firm Paradigm, for instance, has signaled plans to expand into AI and robotics to build revenue beyond traditional digital assets. Magic Eden’s bet is that converting NFT traders into active gamblers represents a more durable business model than maintaining liquidity across multiple underperforming chains.
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For the remaining NFT experience on the platform, Magic Eden will focus exclusively on NFT packs that bundle random assets, introducing a gamified element to what trading activity remains on Solana.
The ME token fell approximately 2.5% in the 24 hours following the announcement, a move broadly consistent with Ethereum’s losses over the same period rather than an isolated reaction to the news.
The exit creates a meaningful opening in the Bitcoin Ordinals market. Competitors including OKX and UniSat, which remain committed to the Bitcoin ecosystem, stand to absorb the user base Magic Eden leaves behind. How much of that liquidity they capture will shape the competitive landscape of Bitcoin-native NFT trading going forward.
Magic Eden’s ability to execute this pivot depends heavily on whether its existing user base follows the platform into gambling. If Dicey fails to retain that cohort at meaningful volume after April 1, the company risks severing its connection to future liquidity cycles on both Bitcoin and Ethereum — networks it will no longer actively support.
Source: Original reporting