Magic Eden will discontinue NFT trading on EVM networks and Bitcoin starting in March 2026, redirecting its focus to Solana and an emerging iGaming platform.

The company notes that operating multiple products incurs high costs with uneven revenue, with roughly 80% of costs tied to products that generate about 20% of revenue, prompting a streamlined slate of offerings.

Historically, Magic Eden raised $160 million in 2022 at a $1.6 billion valuation to back its multi-chain push, then rolled out Bitcoin NFTs on Ordinals in 2023 and a multi-chain wallet in 2024.

Users are advised to cancel active listings and bids, export private keys, and transfer assets to compatible wallets before shutdown.

CEO voice says the move is part of a broader product strategy to concentrate resources on higher-growth areas, including shifting toward new offerings like the iGaming platform Dicey, which has around 200 users and over $15 million in total wagers.

The move reflects a broader NFT market trend toward concentrating liquidity within select ecosystems and reducing costly multi-chain infrastructure, while expanding into blockchain gaming and on-chain entertainment via Dicey.

Magic Eden originated as a Solana-first platform and became the largest NFT marketplace on Solana, at one point accounting for roughly 90% of Solana’s NFT trading volume.

The shutdown will roll out in phases: March 9 disables EVM and Bitcoin NFT marketplaces, March 13 switches to export-only wallet mode with swaps and cross-chain disabled, March 27 API services for Bitcoin/Runes end, April 1 wallet exits app stores though export/recovery remains, and May 1 wallet fully shuts down.