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Magic Eden is concluding its NFT marketplaces for Ethereum, Polygon, and Bitcoin to redirect its resources toward its Solana operations and the expanding iGaming platform, Dicey.
Update on @MagicEden and @DiceyHQ:
We are clearly entering a new phase where finance and entertainment converge. We are now two months into @DiceyHQ’s closed beta and are very optimistic about the developments (~200 users, >$15M wagered).
To provide Dicey the attention it…— Jack (@0xLeoInRio) February 27, 2026
The decision, confirmed by CEO Jack Lu, indicates that the platform will discontinue support for non-Solana chains by early April 2025, following a significant decline in cross-chain trading volumes.
Key Takeaways:
- Magic Eden will stop supporting Bitcoin and EVM marketplaces starting March 9, with complete wallet shutdowns planned for April 1.
- This shift is based on internal data showing that Solana markets represent over 85% of volume while the costs of maintaining multi-chain operations remained elevated.
- Resources will be redirected to Dicey, a crypto gambling platform that processed $15 million in wagers during its closed beta.
In his announcement, CEO Jack Lu detailed a phased closure for EVM and Bitcoin-based Runes and Ordinals markets.
Trading support will conclude on March 9, followed by the Bitcoin API on March 27. The platform’s crypto wallet will transition to an export-only mode in mid-March before a complete shutdown on April 1.
Lu mentioned that the company is “doubling down” on Dicey, highlighting a “massive opportunity” at the intersection of finance and entertainment. The casino platform’s closed beta recently attracted 200 users who wagered over $15 million in just two months.
This strategic change reflects a broader trend where crypto funds and companies are diversifying their revenue streams; for example, venture firm Paradigm intends to expand into AI and robotics to capture value beyond traditional digital assets.
Magic Eden aims to replicate this diversification by introducing a sportsbook to compete with established blockchain gambling platforms like Stake.
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Falling NFT Volume Forces Strategic Realignment
The withdrawal from multi-chain operations signifies a notable consolidation of NFT liquidity on Solana.
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Despite raising over $130 million to enhance support for Ethereum and Bitcoin Ordinals, market data shows that Solana assets continued to account for over 85% of the platform’s trading volume in late 2024.
While Ethereum maintains dominance in stablecoin infrastructure, its NFT sector has experienced a prolonged downturn, rendering the maintenance of cross-chain compatibility technically burdensome for diminishing returns.
> be Magic Eden
> launch in 2021
> capture 90% of sol NFT volume
> evolve into a multi-chain NFT platform
> raise $160m at $1.6 billion valuation
> ordinals protocol launches in 2023
> launch marketplace for Ordinals in March
> be early winner of the ecosystem
> at peak control… pic.twitter.com/ZR3OcE1hlE— Bando (@bandosei) February 28, 2026
Lu indicated that the transition was ultimately motivated by the fact that most of the platform’s non-Solana offerings were not making a significant contribution to revenues.
The marketplace had briefly achieved the No. 1 global ranking in early 2024 following its Bitcoin expansion, but sustained engagement did not materialize as the hype cycles for Ordinals and Runes diminished.
Moving forward, the platform will concentrate exclusively on NFT packs that bundle random assets, aiming to gamify the remaining trading experience.
Will Magic Eden Exit Cause Token Volatility and Liquidity Concerns?
The announcement triggered significant volatility for the ME token, which reportedly declined nearly 2.5% in the last 24 hours, although this was generally consistent with Ethereum’s losses during the same period.
The exit also creates a considerable gap in the Bitcoin Ordinals market, which may bolster competitors like OKX and UniSat that remain dedicated to the Bitcoin ecosystem.
Magic Eden’s long-term valuation now depends on its capacity to convert NFT traders into active gamblers on Dicey.
The platform’s user retention metrics after April 1 will be particularly revealing; if the pivot fails to attract the high-volume gambling demographic, the complete loss of the multichain user base could isolate the protocol from future liquidity cycles on Bitcoin and Ethereum.
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