Magic Eden, probably the most distinguished NFT marketplaces at present, has introduced that it’ll discontinue NFT buying and selling assist 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 neighborhood, 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 line with an official service replace from Magic Eden, the platform will progressively discontinue NFT market companies on EVM networks and Bitcoin over the approaching weeks. The phased shutdown is designed to offer customers adequate time to transition and safe their belongings earlier than the companies 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 shall be disabled.March 27, 2026: Bitcoin/Runes API companies will formally be discontinued.April 1, 2026: Magic Eden Pockets shall be faraway from app shops. Nevertheless, customers who’ve already put in the pockets will nonetheless be capable to export their non-public keys and get better their belongings in different wallets.Could 1, 2026: Magic Eden Pockets shall be absolutely shut down.
Customers are due to this fact suggested to cancel any energetic listings and bids, export their pockets non-public keys, or switch their belongings on EVM and Bitcoin networks to appropriate wallets as quickly as attainable.
Why Magic Eden Is Scaling Again Its Multi-Chain NFT Technique
In line with Magic Eden CEO Jack Lu, the choice to finish assist for NFT marketplaces on EVM networks and Bitcoin is a part of the corporate’s broader product technique restructuring aimed toward specializing in areas with stronger progress potential.
In a current publish on X, Jack Lu stated 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 sources to new merchandise. Its iGaming platform Dicey has already attracted round 200 customers and recorded greater than $15 million in complete 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 line with him, 80% of the corporate’s prices are at the moment tied to merchandise that generate solely round 20% of its income, making product streamlining a obligatory 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 give attention to the Solana ecosystem and rapidly turned 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 pattern 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 totally different blockchains.
Nevertheless, 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 cut back its marketplaces on EVM networks and Bitcoin.
What Comes Subsequent for Magic Eden
The choice to discontinue assist for EVM networks and Bitcoin as soon as once more demonstrates Magic Eden’s means to adapt to altering market situations and modify its technique when obligatory, 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 akin to blockchain gaming and on-chain leisure by initiatives like Dicey.
The transfer additionally displays a broader pattern within the NFT market, the place marketplaces are more and more concentrating liquidity inside particular ecosystems quite than sustaining pricey multi-chain infrastructure.
