Magic Eden Shifts Focus to Solana, Shutters Bitcoin and EVM Marketplaces

Magic Eden, a leading NFT marketplace, has made a significant announcement regarding its platform's future direction. As part of a strategic realignment, the company will be shutting down its Bitcoin and EVM-based marketplaces, a move aimed at fortifying its position on the Solana blockchain.

The decision to discontinue operations for these marketplaces comes after Magic Eden embarked on an aggressive multi-chain expansion strategy in 2023 and 2024. However, this approach faced considerable hurdles due to technical complexities and competing with entrenched giants like OpenSea and Blur. The company's resource allocation was split across multiple codebases, leading to decreased efficiency.

By consolidating its resources back to the Solana blockchain, Magic Eden aims to optimize profitability and defend its core market leadership. This move is driven by data indicating that the Bitcoin and EVM marketplaces generated a small fraction of total volume while consuming significant development and operational resources. The company will continue to support its Solana marketplace, which has shown strong performance with over 85% of trading volume originating from it.