On April 1, 2026, NFT marketplace Magic Eden officially switched its crypto wallet to export-only mode. Users can no longer make transactions - they have just one month to withdraw their assets before the complete shutdown on May 1. This move is part of a major company restructuring as Magic Eden fully exits Bitcoin and EVM markets to bet on Solana and iGaming.
What exactly is shutting down
Magic Eden has shut down its Bitcoin Ordinals, Runes, and all EVM network marketplaces, including Ethereum, Polygon, and Base. NFT trading on these platforms is no longer possible. The company's multi-chain wallet, both the browser extension and the mobile app - has entered export-only mode.
The app has already been removed from the App Store and Google Play. Only users who downloaded the wallet before April 1 will be able to export their private keys. After May 1, key recovery support ends permanently, assets on wallets without exported keys will be effectively locked.
Why Magic Eden made this move
According to the company's internal data, the Solana marketplace generated over 85% of all trading volume. While, maintaining multi-chain infrastructure consumed 80% of operational costs while producing only 20% of revenue. The math was brutal - every dollar spent on Bitcoin and EVM returned 16 times less than investments in the Solana ecosystem.
The decision also reflects a broader trend in the NFT market. Bitcoin Ordinals trading volumes have dropped more than 70% from their 2024 peaks, while the EVM NFT market continues to experience prolonged stagnation. Magic Eden chose concentration over spreading resources thin.
Dicey - the new iGaming bet
Instead of the multi-chain marketplace, Magic Eden is developing Dicey - a crypto casino and sportsbook platform that has been in closed beta since January 2026. In its first two months, approximately 200 users wagered over $15 million. For a startup in closed testing, this is an impressive figure.
Magic Eden's leadership believes the next growth phase of the crypto industry lies in token trading and iGaming rather than multi-chain NFTs. Dicey is positioned as a product combining entertainment content with crypto-native payments built on Solana.
Community reaction
Magic Eden's decision sparked a wave of criticism from the Bitcoin Ordinals community, which had heavily relied on the platform's infrastructure and liquidity. For Ordinals and Runes collectors, this means losing one of the largest marketplaces and needing to migrate to alternative platforms.
The ME token also reacted negatively. Investors are concerned that narrowing focus may limit the token market's growth, although the team argues that concentrating resources will allow for a higher-quality product.
Outlook for the NFT market
Magic Eden's exit from Bitcoin and EVM markets confirms the ongoing consolidation trend in the NFT space. The multi-chain strategy that seemed promising in 2023-2024 failed to meet expectations due to high maintenance costs and liquidity fragmentation. Solana remains the dominant blockchain for NFT trading thanks to its low fees and fast transactions.
For users, the main lesson is about controlling private keys. Those who stored assets exclusively in the Magic Eden wallet without making a backup risk losing access permanently. This is yet another example of why storing crypto assets on third-party custodial solutions carries additional risks.
Comments
Your email address will not be published. Required fields are marked *