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One of the leading NFT platforms in the crypto space, Magic Eden, has made a major strategic decision affecting the Bitcoin and Ethereum ecosystems. The platform announced that in the first week of March 2026, it will shut down its Bitcoin and Ethereum Virtual Machine (EVM) marketplaces. This move signals a shift toward a Solana-focused strategy. According to sources speaking to Blockspace, Magic Eden will not only close BTC and ETH marketplaces but also end cross-chain wallet support. Support for Solana-based assets and NFTs will continue.
Bitcoin and Ethereum Marketplaces Are Closing
Following Magic Eden’s decision, the platform will officially close its Bitcoin and Ethereum EVM marketplaces in the first week of March 2026. This represents a major change in the platform’s multi-chain NFT and digital asset strategy. Notably, Magic Eden, once a leader in the Bitcoin Ordinals marketplace, exiting this space marks a significant transformation in the sector. Back in March 2023, the Ordinals marketplace captured over half of total transaction volume in just one week, with Bitcoin-based assets accounting for around 70% of platform activity at the time.
Magic Eden’s new strategy places the Solana ecosystem at the center. The platform plans to concentrate resources on Solana-based NFTs and digital assets. Since its launch in 2021 as a Solana-based NFT marketplace, Magic Eden quickly captured over 90% of Solana NFT trading volume, highlighting why the platform is pivoting its focus. Additionally, the multi-chain wallet app launched in January 2024 supported various networks, including Solana, and achieved over 100,000 downloads on Android. However, the recent decision will end cross-chain wallet support.
New Focus: Prediction Markets and Crypto Entertainment
Magic Eden has recently announced plans to move away from a classic NFT marketplace model toward prediction markets and crypto/entertainment-focused projects. Closing the Bitcoin and Ethereum marketplaces is a key part of this strategic transformation. The company aims to shift from a purely NFT trading model to areas with higher user engagement and diversified revenue streams.
Industry sources indicate that this move is part of Magic Eden’s long-term strategy to reposition around the Solana ecosystem while expanding into prediction markets, gamified applications, and crypto entertainment. Solana’s low transaction costs and fast network provide a favorable infrastructure for engagement-focused applications, aligning with the platform’s new vision. As such, Magic Eden’s pivot to a Solana-centric model allows more efficient resource use and competitive advantage.
Strategic Transformation Underway
Magic Eden’s decision to close Bitcoin and Ethereum EVM marketplaces highlights the platform’s strategic shift. By restructuring around the Solana ecosystem, the company aims to optimize resources, strengthen competitiveness, and grow in prediction markets and crypto entertainment. This transformation reflects Magic Eden’s ambition to evolve from a simple NFT trading marketplace into a broader Web3 entertainment and finance ecosystem. It also illustrates how competition in the NFT and digital asset space is shifting to more specific ecosystems, with platforms focusing on targeted growth. Experts note that Magic Eden’s Solana-centric restructuring could boost user engagement and enhance the platform’s long-term revenue model.
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