END OF AN ERA: Magic Eden Shuts Down Its Bitcoin, Ethereum, And L2 NFT Marketplaces!

Monday marked the end of an era for NFTs as Magic Eden officially closed its Bitcoin, Ethereum, and L2 marketplaces, as the company pivots away from multichain NFT trading and toward Solana and gambling.

 

What was once one of Web3’s most ambitious marketplaces, with Bitcoin, Solana, Ethereum, ApeChain, Abstract, and many other EVM chains trading under one roof, returned to its roots this morning with just Solana NFTs trading on the platform, alongside new gacha style NFT pack rip games.

 

As the Gazette previously reported, Magic Eden first announced this restructuring late last month.

 

With this move, Magic Eden is pivoting away from its crosschain marketplaces, whose revenue could not justify their costs, to focus on the Solana ecosystem and gacha style cards and collectible games, while also doubling down on its crypto casino and sports betting 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.”

 

 

Following today’s marketplace closures, Magic Eden will shut down its Bitcoin API on March 27th and deprecate the Magic Eden Wallet on April 1st. This means Magic Eden app users should either export their private keys to a new wallet before then or transfer their funds out.

 

The Gazette will continue to follow Magic Eden’s multichain marketplace closure and will let you know what’s next for the platform and the NFT community at large. Stay tuned for updates!