Magic Eden is shutting down its Ethereum and Bitcoin NFT marketplaces as it pivots aggressively toward its fast growing crypto gambling platform, Dicey.
Quick Summary – TLDR:
- Magic Eden will end support for Ethereum, Polygon, and Bitcoin NFTs starting March 9, with full wallet shutdown by April 1.
- Solana accounts for more than 85 percent of trading volume on the platform.
- Dicey’s closed beta saw 200 users wager over $15 million in two months.
- The move reflects a broader collapse in NFT trading volumes across the crypto market.
What Happened?
Magic Eden confirmed it will wind down its Ethereum Virtual Machine and Bitcoin based NFT marketplaces in March, followed by a phased wallet shutdown in early April 2025. CEO Jack Lu said the company is “doubling down” on Dicey, its on chain casino platform, calling it a “massive opportunity” as finance and entertainment continue to merge.
The decision marks one of the biggest strategic pivots in the NFT sector this year, as the once dominant marketplace shifts resources away from multichain collectibles toward crypto gambling and sportsbook expansion.
LATEST: ⚡ Magic Eden will shut down its Ethereum and Bitcoin NFT markets by March 9 to go all-in on online casino platform Dicey, according to CEO Jack Lu. pic.twitter.com/qULaVLHGu0
— CoinMarketCap (@CoinMarketCap) March 2, 2026
Magic Eden Ends Ethereum and Bitcoin NFT Support
Magic Eden, which rose to prominence as the leading Solana NFT marketplace, confirmed a tight shutdown timeline.
Here is what users need to know:
- Trading for Bitcoin Runes, Ordinals, BRC 20 tokens, and all EVM NFTs will end on March 9.
- The Bitcoin API will shut down on March 27.
- The crypto wallet will switch to export only mode in mid March.
- Full wallet shutdown is scheduled for April 1.
Users are being urged to migrate assets to other providers before services are fully disabled.
Despite raising more than $130 million to expand into Ethereum and Bitcoin Ordinals, the company acknowledged that most of its revenue still comes from Solana. Internal data shows Solana assets account for over 85 percent of trading volume, while maintaining cross chain infrastructure carried significant costs.
Lu explained the imbalance clearly, saying:
The company will now “exclusively” focus on NFT packs on Solana, which bundle random NFTs in a format similar to physical trading card packs.
Dicey Becomes the New Priority
The biggest driver behind the pivot is Dicey, Magic Eden’s on chain casino platform.
According to Lu, the closed beta has already seen 200 users wager more than $15 million in just two months. He described the shift as entering a new era where “finance and entertainment merge,” adding that he is “incredibly bullish” on the opportunity in online gambling.
Dicey currently operates as a crypto casino and plans to launch a sportsbook, putting it in direct competition with established blockchain gambling platforms like Stake.
Compared to shrinking NFT fees, gambling offers high frequency transactions and steadier revenue. The math appears straightforward. As NFT trading volumes continue to decline across Ethereum and Bitcoin ecosystems, iGaming presents a more predictable business model.
NFT Market Pressures Accelerate the Shift
Magic Eden’s retreat comes amid a broader downturn in the NFT sector.
In early February, the total NFT market capitalization fell below $1.5 billion, returning to levels not seen since before the 2021 boom. Major platforms such as Nifty Gateway have also announced shutdowns in recent months.
While Ethereum remains dominant in stablecoin infrastructure, its NFT activity has struggled to recover sustained momentum. Meanwhile, hype cycles around Bitcoin Ordinals and Runes cooled quickly after early excitement in 2024.
At one point, Magic Eden briefly ranked as the number one NFT marketplace globally following its Bitcoin expansion. However, sustained engagement failed to materialize as trading volumes thinned.
SQ Magazine’s Takeaway
I see this as a clear signal that the NFT gold rush is officially over, at least for now. Magic Eden is not making an emotional decision. It is making a financial one. When 85 percent of your volume comes from one chain and gambling generates millions in wagers within weeks, the direction becomes obvious.
Still, this move will frustrate Bitcoin and Ethereum NFT users who helped fuel Magic Eden’s growth. Trust is hard to build and easy to lose. If Dicey succeeds, the company could reinvent itself as a crypto entertainment powerhouse. If it fails, walking away from multichain NFTs may look like a retreat at the wrong time.
