Magic Eden, a key player in the Web3 space, has made a surprising announcement regarding its exit from the Bitcoin and Ethereum ecosystems. Effective March 9, 2026, the platform will cease all trading activities involving EVM and Bitcoin assets. This sudden decision has spurred a rush among users to safeguard their digital assets before the platform disables its wallet features permanently.
The primary reason behind this unexpected pivot is financial. Co-founder and CEO Jack Lu revealed that the company found the burden of maintaining a multi-chain presence unsustainable. At its peak, Magic Eden dominated 80% of Ordinals volume. As a result, the platform is refocusing on its Solana roots and placing a significant emphasis on Dicey, their new iGaming platform. Within just two months of its closed beta, Dicey has processed over $15 million in wagers from a select group of 200 users, indicating a promising revenue stream.
The shutdown timeline outlined by CEO Jack Lu is aggressive, with key dates to remember:
– March 9, 2026: Complete cessation of EVM and Bitcoin NFT marketplaces, including Runes and Ordinals.
– Mid-March 2026: Magic Eden Wallet transitions to “Export only” status, allowing only seed phrase/private key exports.
– March 27, 2026: Termination of Bitcoin API services.
– April 1, 2026: Permanent retirement of the Magic Eden Wallet.
To ensure the security of their assets, holders are advised to take immediate action before April 1. This involves backing up their seed phrase, migrating to new wallets specific to each network (MetaMask or Rabby for Ethereum/EVM, Xverse or Leather for Bitcoin Ordinals/Runes, and Phantom for Solana), and delisting any active NFT listings on Magic Eden’s EVM or Bitcoin markets.
The closure of Magic Eden follows the permanent shutdown of Nifty Gateway in January 2026, signaling a shift in the NFT landscape. Projects in the Web3 space are now focusing on sustainable revenue models like GambleFi and targeted gaming ecosystems to adapt to the changing market dynamics.
In conclusion, the post highlights Magic Eden’s decision to exit the Bitcoin and EVM NFT markets and provides essential steps for holders to safeguard their assets before the platform’s complete shutdown. This article offers insights into the evolving NFT market landscape and the necessary actions for users to protect their investments.
Be the first to comment