MARKETPLACE MAYHEM? : Rumors Are Circulating That Magic Eden May Close Its Bitcoin, Ethereum, And L2 Marketplaces As Early As Friday!

The magic of a multichain marketplace could soon be coming to an end, as rumors of Magic Eden closing its Ethereum, Bitcoin, and various L2 marketplaces spread across the timeline!

On Thursday, Blockspace Media, a trade publication covering Bitcoin technology, markets, and compute founded by Colin “CBSpears” Spears and Will Foxley, reported that Magic Eden may shutter its Bitcoin and EVM marketplaces, as well as its multichain wallet, as early as Friday, February 27.

“The sources said that Magic Eden is expected to make an announcement of the wind down as early as Friday, followed by the shutdown of its BTC and EVM marketplaces in the first week of March,” BlockSpaces’ CoFounder Spears wrote. “Soon thereafter, the sources said, Magic Eden plans to discontinue its cross-chain wallet, with the wallet entering export-only mode in mid-March before full discontinuation in early April. The sources clarified that Magic Eden will still support Solana NFTs and assets.”

 

 

At the time of publication, neither Magic Eden nor CEO Jack Lu had publicly responded to the report and the marketplace is still up across all chains.

The possible shutdown comes just over two and a half years after the platform announced its Ethereum marketplace in partnership with Yuga Labs during ApeFest 2023 in Hong Kong, a move that was seen at the time as a major push by the platform into the broader NFT ecosystem beyond Solana and a ringing endorsement of creator royalities!

 

While Magic Eden has not officially confirmed the closure of its EVM and Bitcoin marketplaces, NFT collectors around the swamp and beyond are already voicing concern on the timeline.

“Bookmark this Magic Eden pivoting to a Casino Gambling platform will be the death of them, longtime BAYC member and NFT believer Big Cuz tweeted. “Chasing trends and metas is not a long term sustainable business model. And NFTs will be here long after Magic Eden.”

 

The Gazette is working to learn more about this potential marketplace closure and will provide updates as more information becomes available. Stay tuned for updates!