On February 28, the well-known NFT platform Magic Eden announced that it will shut down its Ethereum Virtual Machine (EVM) trading platform, as well as Bitcoin Runes and Ordinals trading services, on March 9. Additionally, Bitcoin API support will end on March 27, and multi-chain wallets will switch to export-only mode before being completely discontinued by April 1. The company will continue to support Solana assets, marking its official exit from the “Bitcoin Ordinals Trading Platform” main battlefield.
Magic Eden entered the Bitcoin ecosystem in March 2023, quickly capturing over half of Ordinals trading volume. At its peak, it controlled about 80% of the Bitcoin Ordinals and Runes market share, with native Bitcoin assets contributing approximately 70% of total trading volume. The decision to “close Bitcoin NFT and EVM trading operations” is seen as a key point in the company’s strategic restructuring.
Jack Lu confirmed on social media that the company will streamline its product lineup, focusing on the Solana ecosystem and Packs products, while also increasing investment in its crypto casino and sports betting platform Dicey, aiming to develop a “Solana on-chain iGaming platform.” He revealed that about 80% of operational costs were previously concentrated in business segments that contributed only 20% of revenue, leading to resource misallocation and prompting the company to shift its focus.
Dicey is currently in closed beta testing with around 200 users, but betting volume has already exceeded $15 million in the past two months. Management believes that the integration of finance and entertainment will be the next growth driver. In the future, the $ME token will become the core asset of the Magic Eden and Dicey ecosystems. The NFT buyback program will also be discontinued, with resources redirected toward tokenomics design and product iteration.
Founded in 2021, Magic Eden initially served as a Solana NFT platform and quickly became a leader in that ecosystem. The company has raised a total of $157 million, with a $1.3 billion valuation at the Series B funding round in 2022.
Amid the cooling of multi-chain NFT enthusiasm, “NFT platform transformation into crypto gambling and token trading” has become a new industry trend. Magic Eden’s strategic shift indicates a move away from cross-chain digital collectibles toward Solana infrastructure and on-chain entertainment economy. Future performance will depend on the progress of iGaming regulation and activity within the Solana ecosystem.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Price Predictions 3/6: BTC,ETH,BNB,XRP,SOL,DOGE,ADA,BCH,HYPE,XMR
Bitcoin (CRYPTO: BTC) faced a renewed test after a brief relief rally, sliding back below the $68,500 mark as sellers reasserted control. The move comes after the asset briefly flirted with the $74,000 threshold, a level that previously functioned as a ceiling during the latest ascent. Traders now e
CryptoBreaking26m ago
Little Robert Kennedy confirms run for U.S. President in 2028, holding at least $1 million worth of Bitcoin
Gate News Announcement: On March 8, Little Robert Kennedy confirmed his intention to run for U.S. President in 2028. Public information shows that he holds at least $1 million worth of Bitcoin and does not plan to divest this asset. Little Robert Kennedy publicly stated that he is a loyal supporter of Bitcoin, believing that decentralized, capped supply, neutral currencies, and hard assets like gold and silver can stabilize the dollar and prevent currency devaluation.
GateNews35m ago
Bitcoin experiences significant fluctuations: Ceasefire expectations and oil prices shape crypto market sentiment
The Kobeissi Letter news bulletin has just pointed out an important signal on the geopolitical chessboard. Recently, U.S. President Donald Trump posted on Truth Social that Washington demands Iran to "unconditionally surrender," a tough statement implying that any ceasefire agreement could still be at risk.
TapChiBitcoin54m ago
Willy Woo: BTC's early decline was too rapid, and it is now creating conditions for a rebound to $85,000.
On March 8th, analyst Willy Woo pointed out that Bitcoin faced resistance near $75,000, but since mid-February, capital flows have been recovering, and market sentiment may shift toward risk appetite. Although there is a short-term rebound opportunity, in the long term, Bitcoin remains in the mid-stage of a bear market and may experience sideways consolidation and test resistance levels.
GateNews1h ago
Strategy: Purchased 48,000 BTC in the first two months of 2026, investing $4.3 billion
Bitcoin Treasury Company Strategy Director Chaitanya Jain revealed that in the first two months of 2026, approximately $4.3 billion was invested to purchase 48,000 Bitcoins, far exceeding the $300 million spent in all of 2022. Jain stated that this large-scale institutional buying will change the structure of the Bitcoin market.
GateNews1h ago
A newly created wallet deposits 2 million USDC into Hyperliquid to open short positions on BTC and ETH.
Gate News Report, March 8th: According to Onchain Lens monitoring, a newly created wallet deposited 2 million USDC into Hyperliquid, opened a 5x leveraged BTC short position and a 20x leveraged ETH short position, with the current position value approximately equivalent to 10 million USD.
GateNews1h ago
