Magic Eden to End Ethereum, Bitcoin NFT Trading in 2025

Magic Eden, a leading cryptocurrency marketplace, announced plans to discontinue its Ethereum and Bitcoin NFT trading operations, effective March 9, 2025, as part of a strategic shift toward its Solana-based ecosystem and emerging iGaming platform, Dicey. The move, confirmed by CEO Jack Lu, will also end support for the company's Bitcoin API on March 27 and fully retire its proprietary wallet on April 1, leaving users to migrate assets to alternative platforms.

The decision marks a retreat from the multichain expansion that propelled Magic Eden to prominence since its founding in 2021 as a Solana NFT marketplace. At its peak, the platform captured significant shares of Bitcoin Ordinals and Runes trading after launching support in 2023, briefly ranking as the top global NFT marketplace by volume. However, declining NFT market valuations, which dipped below $1.5 billion in February, and sharply reduced trading activity since the 2021 boom have prompted the overhaul. Company officials noted that non-Solana operations, including Ethereum Virtual Machine-compatible features like those on Polygon and Base, accounted for about 80 percent of expenses while generating only 20 percent of...