Magic Eden is shutting down its Bitcoin and Ethereum Digital Machine marketplaces and discontinuing its multi chain pockets, marking a significant strategic pivot away from its as soon as dominant Ordinals enterprise.
Blockspace first reported that the corporate plans to wind down its EVM market and Bitcoin Runes and Ordinals market on March 9, adopted by the Bitcoin API on March 27. The Magic Eden pockets will enter export solely mode earlier than being totally discontinued on April 1. The corporate will proceed supporting Solana belongings.
The transfer marks a pointy shift for a platform that rose to prominence because the main Bitcoin Ordinals market. After launching in March 2023, Magic Eden shortly captured over half of Ordinals buying and selling quantity and at its peak managed roughly 80% of Bitcoin Ordinals and Runes exercise, with Bitcoin native belongings accounting for about 70% of whole quantity.
Based in 2021 as a Solana NFT market, Magic Eden shortly dominated that ecosystem and later expanded throughout chains. The corporate raised $157 million in enterprise funding, together with a $130 million Collection B in 2022 that valued it at $1.6 billion.
CEO Jack Lu confirmed the strategic overhaul on X, stating the corporate is coming into a brand new period the place finance and leisure merge. He mentioned Magic Eden will streamline its market to focus completely on Packs and Solana whereas doubling down on Dicey, its crypto on line casino and sports activities betting platform.
Lu cited a price imbalance behind the choice, noting that 80% of bills have been tied to merchandise producing solely 20% of income. Dicey, at the moment in closed beta, has round 200 customers and has processed greater than $15 million in wagers over the previous two months.
Along with shutting down Bitcoin and EVM market help, Magic Eden will finish NFT buybacks and focus on ecosystem design and product initiatives tied to its $ME token. Lu mentioned $ME will stay central to each Magic Eden and Dicey as the corporate refocuses on crypto leisure and Solana-based merchandise.
The restructuring alerts a broader guess that the subsequent section of progress lies in token buying and selling and iGaming somewhat than multi-chain NFT marketplaces.
