Magic Eden is ending support for Bitcoin and Ethereum NFTs, closing its multi-chain chapter. In less than two weeks, users will no longer be able to trade Bitcoin Ordinals, Ethereum, Polygon, or Base assets on the platform. Its self-custodial wallet will also drop these networks by early April. We’re entering a new era where finance and entertainment merge, CEO Jack Lu shared on X.
This marks a major shift for Magic Eden, which once led NFT trading by embracing multiple blockchains. Now, it’s refocusing on its Solana roots and making a big bet on iGaming. The company is prioritizing Dicey, its crypto casino and sportsbook, which has already seen over $15 million wagered during closed beta with about 200 users.
What this means for NFT traders
If you hold Bitcoin Ordinals, Ethereum, Polygon, or Base NFTs on Magic Eden, time is running out. After the cutoff, trading and wallet support for these assets will disappear. The marketplace will support only Solana NFTs going forward. This reduces options for multi-chain NFT trading and forces holders of non-Solana assets to find new homes.
The change also ends NFT buybacks on the platform. Magic Eden plans to rethink the role of its ME token, but details are scarce. The token, which offers rewards and governance rights, currently trades around $0.12-down 97% from its December 2024 peak of $5.63, per CoinGecko.
Why Magic Eden is making the switch
The NFT markets for Bitcoin and Ethereum have cooled, despite Magic Eden’s efforts to lead with Ordinals and Runes. Last month, the platform recorded $576 million in digital collectible volume, but only $121,000 came from Bitcoin assets. Solana remains the heart of Magic Eden’s business.
With NFT hype fading, Magic Eden is chasing the next wave: iGaming. Its acquisition of Slingshot Finance last year hinted at a broader push into crypto trading and speculation. Launching Dicey positions Magic Eden to capitalize on what Lu calls a speculation supercycle. The company has raised $140 million so far, including a $130 million Series B in 2022 that valued it at $1.6 billion.
The bottom line
- Magic Eden drops Bitcoin and Ethereum NFTs, going Solana-only.
- Users must migrate non-Solana assets before early April.
- Focus shifts to iGaming and the Dicey crypto casino platform.
- ME token holders face uncertainty as its value plunges.
Other projects are already moving to fill the Bitcoin NFT gap. Taproot Wizards co-founder Udi Wertheimer teased a dedicated Ordinals marketplace coming soon. For now, Solana is Magic Eden’s last standing chain-and the company is all in on that and the gambling surge.