Magic Eden Abandons Bitcoin, Ethereum Marketplaces Amid Strategic Pivot

Magic Eden, a leading digital asset marketplace, is undergoing a significant restructuring. The company has announced plans to discontinue its support for Bitcoin and Ethereum Virtual Machine (EVM) marketplaces, effective March 9 and March 27, respectively. Additionally, the Magic Eden wallet will be phased out by April 1.

This decision marks a major shift in strategy for Magic Eden, which rose to prominence as the leading Ordinals marketplace. Founded in 2021 as a Solana NFT marketplace, the company expanded across chains and raised $157 million in venture funding, valuing it at $1.6 billion. However, CEO Jack Lu cited a cost imbalance behind the decision, noting that 80% of expenses were tied to products generating only 20% of revenue.

Magic Eden will now focus on its crypto casino and sports betting platform, Dicey, which has processed over $15 million in wagers since its closed beta launch. The company will continue to support Solana assets and concentrate on ecosystem design and product initiatives tied to its ME token. This move signals a bet that the next phase of growth lies in token trading and iGaming rather than multi-chain NFT marketplaces.