Magic Eden will shut down its marketplaces for Bitcoin and Ethereum Virtual Machine (EVM) networks in March and will also gradually discontinue its own multichain wallet. The company will continue to support only assets on the Solana network, according to Blockspace.
Sources cited by Blockspace say the official announcement is expected by the end of the week. In the first week of March, Magic Eden will stop trading Bitcoin and EVM-based assets. By mid-March, the wallet will switch to export-only mode, and in early April the product will be fully shut down.
The decision marks a major shift for a platform that became the leading marketplace for Bitcoin Ordinals in 2023. After launching its Ordinals marketplace in March 2023, Magic Eden captured more than half of total trading volume within a single week. At its peak, the platform controlled around 80% of the Ordinals and Runes market. At the time, Bitcoin-based assets accounted for up to 70% of all activity on the service.
Magic Eden was founded in 2021 as a Solana-native marketplace and within months captured more than 90% of NFT trading volume on the network. By mid-2024, the company had surpassed Blur and OpenSea in monthly trading volume, posting $734 M in March.
In January 2024, Magic Eden launched a multichain wallet supporting Solana, Bitcoin, Ethereum, and Polygon.
Previously, CEO Jack Lu said the company was shifting its strategy toward the entertainment segment. The shutdown of Bitcoin and EVM operations, along with the discontinuation of the wallet, signals a renewed focus on Solana and a departure from the multichain model that Magic Eden actively pursued throughout 2024.