Catenaa, Friday, March 06, 2026-Magic Eden announced it will wind down its Ethereum, Polygon, and Bitcoin NFT marketplaces, shifting resources to its Solana operations and iGaming platform Dicey.
CEO Jack Lu confirmed trading support for non-Solana assets will end March 9, Bitcoin API access will stop March 27, and the platform’s wallet will move to export-only mode mid-March, with full shutdown on April 1.
The pivot follows internal data showing Solana markets accounted for over 85% of trading volume, while multi-chain maintenance costs remained high.
The Dicey closed beta, running for two months with roughly 200 users, processed more than $15 million in wagers, prompting the company to double down on crypto gambling opportunities.
Magic Eden initially expanded into Ethereum and Bitcoin NFT markets after raising over $130 million, but engagement failed to meet expectations.
The platform briefly ranked No. 1 globally in early 2024 following Bitcoin integration, yet Ordinals and Runes trading declined as hype cycles cooled.
Going forward, Magic Eden plans to focus on gamified NFT packs to maintain user engagement.
The announcement triggered a nearly 2.5% drop in ME token value, mirroring broader Ethereum market losses. The exit also leaves a vacuum in the Bitcoin Ordinals market, potentially benefiting competitors such as OKX and UniSat.
Magic Eden’s long-term success now depends on converting NFT traders into active Dicey users, with post-April 1 retention metrics seen as a critical indicator of future liquidity and valuation stability.
