Magic Eden is ending support for Ethereum-compatible and Bitcoin-based NFT and token assets on its marketplace and wallet within weeks. The move marks a strategic retreat from the multi-chain approach that once made it the largest NFT marketplace by volume. The company will now focus exclusively on Solana assets and its new iGaming platform, Dicey, citing a “massive opportunity” in that sector.
Magic Eden co-founder and CEO Jack Lu stated that the NFT marketplace will stop supporting Ethereum-compatible and Bitcoin-based assets in less than two weeks. This includes assets on networks like Polygon and Base, as well as Bitcoin Ordinals and Runes.
The company’s self-custodial wallet will see similar changes, ceasing support for those assets at the beginning of April. Lu confirmed the marketplace will continue to support assets within the Solana ecosystem, where it debuted in 2021.
This shift ends the multi-chain strategy that propelled Magic Eden to become the largest NFT marketplace by trading volume. The company had been an early and dominant supporter of the Bitcoin Ordinals and Runes markets.
Lu said the company is now orienting itself around “the massive opportunity in iGaming.” This follows the January unveiling of Dicey, a crypto casino and sportsbook platform.
As part of the change, Magic Eden will no longer conduct NFT buybacks. The firm also plans to refine the utility of its ME token across its products.
The ME token was trading around $0.12, according to CoinGecko. This represents a 97% decline from its peak price of $5.63 after its December 2024 debut.
Magic Eden has raised $140 million in total funding, including a $130 million Series B in 2022 that valued it at $1.6 billion. Last month, the platform generated $576 million in NFT trading volume, mostly on Solana.
Approximately $121,000 of that January volume came from Bitcoin-based assets. Some projects, like Taproots Wizards, are preparing to fill the gap, with a co-founder announcing a dedicated marketplace is “coming soon.”
