Magic Eden, one of the distinguished NFT marketplaces right now, has introduced that it’ll discontinue NFT buying and selling help on EVM networks and Bitcoin beginning in March 2026. The choice will have an effect on platform customers who maintain NFTs on Bitcoin and EVM networks, in addition to the broader Bitcoin NFT holder group, because the platform refocuses its technique on its core ecosystem, Solana.
The transfer marks a notable shift in Magic Eden’s technique. The platform beforehand gained prominence within the Bitcoin Ordinals ecosystem and expanded throughout a number of blockchains to construct a multi-chain NFT market.
Key Particulars and Timeline
In accordance with an official service replace from Magic Eden, the platform will progressively discontinue NFT market providers on EVM networks and Bitcoin over the approaching weeks. The phased shutdown is designed to offer customers ample time to transition and safe their belongings earlier than the providers are absolutely discontinued
The shutdown timeline is as follows:
March 9, 2026: NFT marketplaces on EVM networks and Bitcoin will formally shut down.March 13, 2026: Magic Eden Pockets will swap to export-only mode. Swap and cross-chain options can be disabled.March 27, 2026: Bitcoin/Runes API providers will formally be discontinued.April 1, 2026: Magic Eden Pockets can be faraway from app shops. Nonetheless, customers who’ve already put in the pockets will nonetheless have the ability to export their personal keys and get well their belongings in different wallets.Might 1, 2026: Magic Eden Pockets can be absolutely shut down.
Customers are subsequently suggested to cancel any energetic listings and bids, export their pockets personal keys, or switch their belongings on EVM and Bitcoin networks to appropriate wallets as quickly as doable.
Why Magic Eden Is Scaling Again Its Multi-Chain NFT Technique
In accordance with Magic Eden CEO Jack Lu, the choice to finish help for NFT marketplaces on EVM networks and Bitcoin is a part of the corporate’s broader product technique restructuring geared toward specializing in areas with stronger progress potential.
In a current submit on X, Jack Lu mentioned that Magic Eden is getting into a brand new section the place finance and leisure on blockchain are more and more converging. This shift has inspired the corporate to allocate extra assets to new merchandise. Its iGaming platform Dicey has already attracted round 200 customers and recorded greater than $15 million in whole wagers, highlighting the potential of the on-chain leisure market.
The Magic Eden CEO additionally defined that sustaining a number of merchandise concurrently has been spreading the corporate’s operational prices. In accordance with him, 80% of the corporate’s prices are at present tied to merchandise that generate solely round 20% of its income, making product streamlining a crucial step.
This imbalance is probably going one of many key causes behind Magic Eden’s resolution to close down its EVM and Bitcoin NFT marketplaces, the place operational prices seem considerably greater relative to the income they generate.
A Look Again at Its Multi-Chain Growth
Magic Eden launched in 2021 with a major deal with the Solana ecosystem and rapidly grew to become the biggest NFT market on the community. At its peak, the platform accounted for round 90% of Solana’s NFT buying and selling quantity.
2022: The platform raised $160 million at a $1.6 billion valuation, as reported by CoinDesk.It marked the start of its enlargement technique throughout a number of blockchains in an effort to construct a multi-chain NFT market.2023: When the Ordinals protocol launched on Bitcoin, Magic Eden rapidly capitalized on the rising development and launched a market for Bitcoin NFTs in March 2023.2024: Magic Eden continued increasing its product suite by launching the Magic Eden multi-chain pockets, permitting customers to handle belongings throughout completely different blockchains.
Nonetheless, because the NFT and Ordinals markets started to chill down, Magic Eden began shifting its focus towards new product classes. Notably, the corporate launched the iGaming platform Dicey, marking its enlargement into the on-chain leisure and crypto betting sector. As of now, Magic Eden has determined to reduce its marketplaces on EVM networks and Bitcoin.
What Comes Subsequent for Magic Eden
The choice to discontinue help for EVM networks and Bitcoin as soon as once more demonstrates Magic Eden’s capability to adapt to altering market circumstances and modify its technique when crucial, because the platform refocuses on the Solana ecosystem whereas increasing into new product verticals.
Past its core NFT market, the corporate can also be pushing into adjoining sectors similar to blockchain gaming and on-chain leisure by means of tasks like Dicey.
The transfer additionally displays a broader development within the NFT market, the place marketplaces are more and more concentrating liquidity inside particular ecosystems fairly than sustaining pricey multi-chain infrastructure.
