END OF AN ERA: Magic Eden Is Closing Its Bitcoin, Ethereum, And EVM Marketplaces Next Month

It’s the end of an era for NFTs after Magic Eden announced it will shut down its Bitcoin, Ethereum, and EVM marketplaces in the coming weeks as the company pivots away from multichain NFT trading and toward Solana and gambling.

On Friday, Magic Eden revealed it will close its EVM and Bitcoin marketplaces on March 9th, shut down its Bitcoin API on March 27th, and deprecate the Magic Eden Wallet on April 1st, telling users to export their private keys to a new wallet before then.

 

With the move, Magic Eden’s marketplace will now focus on the Solana ecosystem and Gacha  cards and collectibles games as the company also doubles down on its crypto casino& sportsbetting dApp, Dicey.

“The 80/20 rule has become our reality: 80% of our cost are tied to products generating only 20% of our revenue,” Magic Eden Founder Jack Lu tweeted when explaining the decision to scale back the marketplace. “By winding down these products, we're refocusing on our Solana roots & retaining our most profitable products, betting on deep on crypto entertainment, and positioning our products for long term growth incl. the role of $ME token and our community plays within it. The future of ME is simpler, faster, and fueled by our original home on Solana and the success of Dicey.”

 

 

The shutdown of Magic Eden’s Ethereum and EVM marketplaces comes just two and a half years after the platform announced its expansion into Ethereum in partnership with Yuga Labs during ApeFest 2023 in Hong Kong. At the time, the move was widely viewed as a major push for the brand beyond Solana and a renewed commitment to creator royalties in the NFT space.

 

Following the announcement, the timeline filled with reactions across the NFT space. Several sponsored and partner posts praised the pivot, while many longtime collectors openly expressed disappointment over the platform stepping away from multichain NFT marketplaces.

As users reacted to the news, OpenSea Chief Marketing Officer Adam Hollander also weighed in on the broader implications for the industry.

“Saying NFTs are dead is incredibly short sighted,” he tweeted. “NFTs represent true decentralized digital ownership. and the world is getting more digital, not less…. NFTs are important building blocks for a future where people take ownership over their digital assets and identity. where culture trades and creators reap the benefits from their own success. and they’re an essential part of an integrated strategy at OpenSea - one place where you can own and trade everything onchain. onward and upward.”

 

 

The Gazette will continue to follow the Magic Eden marketplace wind down and what it means for collectors, creators, and the broader NFT ecosystem. Stay tuned for updates.