Magic Eden Pulls Plug on Bitcoin and Ethereum Support, Doubles Down on Solana
Magic Eden will end support for Ethereum-compatible and Bitcoin-based assets, including those on Polygon, Base, and Bitcoin Ordinals, within two weeks. Magic Eden’s wallet will also drop support for these assets in early April, narrowing focus exclusively to Solana-based assets. This marks a major strategic shift from Magic Eden’s previous multi-chain approach, which helped make it the largest NFT marketplace by trading volume and an early leader in Bitcoin Ordinals support. The company is pivoting toward iGaming through its Dicey crypto casino and sportsbook product, which has seen $15 million wagered in its closed beta. NFT buybacks will cease, and Magic Eden’s ME token will be refined for use across its products. The ME token has dropped 97% in value since its December 2024 peak. Magic Eden has raised $140 million in funding, with a $1.6 billion valuation as of its 2022 Series B. Despite the shift, other marketplaces are positioning to support Bitcoin-based assets as Magic Eden exits those markets.
