Solana-based NFT market Magic Eden is closing down its Bitcoin and EVM (Ethereum Virtual Machine) NFT marketplaces to support its upcoming online casino and sportsbook, Dicey.
Magic Eden cuts NFT to invest in buybacks for ecosystem growth
Jack Lu, the CEO and co-founder of Magic Eden, posted on X that they are winding down support for their EVM marketplace and Bitcoin Runes and Ordinals on March 9, their Bitcoin API by March 27, and the Magic Eden Wallet by April 1.
Following this move, Magic Eden is intensifying its efforts to innovate in the crypto casinos and sports betting space through Dicey.
“We are streamlining the Magic Eden marketplace to focus exclusively on Packs and Solana,” he wrote.
From Multi-Chain Expansion to Solana Focus
The company announced the shutdown of its multi-chain wallet shortly after, a strategic decision to return to its Solana roots.
The NFT marketplace announced that its cross-chain wallet will shift to export-only mode by mid-March, with a full shutdown of wallet services scheduled for early April.
However, their Solana marketplace will continue to operate. Lu stated that the platform will be winding down their NFT buyback program because it didn’t meaningfully affect prices, demand, or overall ecosystem growth.
Buybacks are used to support floor prices or boost confidence. However, due to its limited impact, they plan to redirect those funds and attention toward improving the broader ecosystem and building new products, including the role future yield efforts towards the $ME token play in that ecosystem.
Platform closures reshape the crypto marketplace landscape
The NFT market has been impacted amid a broader crypto market downturn since 2025, with major players such as Nifty Gateway announcing closure in January and DappRadar announcing shutdown, with even social NFT marketplace Rodeo announcing its winding down in early 2026.
Magic Eden isn’t moving out of crypto but rather staying deeply within it, making a sharp pivot away from their original core business (multi-chain NFTs) toward a niche.
