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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Rethinking Wallet Infrastructure

Founded in 2022 by former Coinbase Custody engineers, Turnkey provides next-generation wallet infrastructure. Its embedded wallet technology eliminates the need for vulnerable seed phrases, making it easier and safer for developers to integrate crypto into their platforms.

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Notable clients include Web3 platform Alchemy, NFT marketplace Magic Eden, and prediction market Polymarket. The company has now raised $30 million in a Series B round led by Bain Capital Crypto, with participation from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. This brings Turnkey’s total funding to $50 million.

Building the Future of Digital Finance

With the new funding, Turnkey plans to scale its engineering, product, go-to-market, and operations teams. Focus areas include modular payment infrastructure, AI-powered agents, and decentralized finance applications.

The company emphasizes that less than 10% of the global population currently uses crypto. Yet, the infrastructure being built today will be crucial in shaping the next decade of digital finance.

Rising Demand for Infrastructure

Investor interest in blockchain infrastructure has surged in recent years. In 2022, Fireblocks raised $550 million, while Blockdaemon secured $362 million across two rounds. Privy, a direct competitor to Turnkey, also raised a total of $40 million earlier this year.

According to Market Research Future, the blockchain infrastructure market is projected to grow from $27.4 billion in 2025 to $221.4 billion by 2034. Its applications are expected to expand beyond crypto into supply chain management, energy systems, and disaster recovery.

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TRUMP Token Whales Dine in Style

Held at the Trump National Golf Club in Virginia, the dinner welcomed the 220 largest holders of the TRUMP token. Photos shared online revealed tables decorated with “Fight Fight Fight” branding and a high-end menu featuring organic field greens, filet mignon, pan-seared halibut, and lava cake. Attendees also received gift bags containing black hats.

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Notable figures included Tron CEO Justin Sun, Magic Eden’s Jack Lu, and BitMart CEO Sheldon Xia. Sun—reportedly the biggest buyer of the TRUMP memecoin—was brought onstage and gifted a Trump-branded gold watch worth $100,000, in a ceremony that highlighted his close ties to Trump.

Protests Erupt Over Crypto Influence

As the event unfolded inside, around 100 protesters gathered outside chanting slogans such as “Stop Trump’s Crypto Corruption” and “Democracy Is Not For Sale.” Many accused Trump of monetizing his political influence through crypto-related ventures.

Trump-linked entities are estimated to have earned around $100 million in trading fees from the TRUMP token, which launched just two days before his presidential inauguration. Additionally, Trump Media recently signed a non-binding agreement with Crypto.com to roll out “Made in America” exchange-traded products.

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The decision comes just hours after the SEC agreed to dismiss its lawsuit against crypto exchange Coinbase. The regulatory body had initially launched an investigation into OpenSea in August 2024, issuing a Wells notice alleging that the platform was facilitating unregistered securities trading.

A Major Win for the NFT Sector!

Chris Akhavan, Chief Business Officer at Magic Eden, OpenSea’s competitor, emphasized that despite being rivals, this is a positive development for the entire NFT industry. “While we are competitors, we share a deep belief in NFTs and their potential. Happy to see such a win for the space,” he said.

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Pseudonymous crypto analyst Beanie suggested that this decision could act as a catalyst for a new NFT bull market. “OpenSea played a crucial role in bringing regulatory clarity to the industry. I’m sure it came at great cost, but the entire NFT space should be grateful,” Beanie stated.

This announcement follows OpenSea’s recent revelation of its upcoming SEA token. On Feb. 13, the OpenSea Foundation disclosed plans for launching the SEA token but did not specify a release date.

Meanwhile, OpenSea has faced backlash from its users over its new airdrop rewards system, which was temporarily halted following criticism. Some users argued that it failed to support builders, encouraged wash trading, and primarily focused on maximizing platform fees.

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OpenSea Announces OS2 Private Beta

On January 28, OpenSea stated that it had taken a snapshot of wallets holding Gemesis NFTs, allowing approximately 50,000 users to access the OS2 private beta.

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On November 4, 2024, OpenSea CEO Devin Finzer revealed plans to rebuild the platform from scratch. While he did not provide many details about OS2, he hinted at a possible December launch. However, in a December 31 update, Finzer announced that beta testing was still ongoing, delaying the launch.

OpenSea Token Airdrop Speculation

The announcement of OS2 has reignited speculation about a potential OpenSea token airdrop. Users compared the platform’s strategy to competitors like Blur and Magic Eden, which distributed tokens via airdrops.

DappRadar content manager nederob noted that OS2 has generated significant hype, mainly due to a possible airdrop. However, he pointed out that OpenSea, being based in the United States, faces regulatory uncertainty, making an airdrop less likely but not impossible.

On December 15, speculation intensified when OpenSea registered its business in the Cayman Islands, leading many to believe this was a step toward facilitating a token airdrop.

So far, OpenSea has not officially confirmed any airdrop plans.

Community Backlash Against OpenSea

Following the release of the OS2 private beta, some users expressed frustration over access restrictions and how airdrop points would be distributed.

One community member criticized the platform for prioritizing NFT holders over active users. NFT trader TylerD, who claimed to have over $10 million in lifetime trading volume on OpenSea, expressed frustration over being excluded from OS2 simply because he did not own a Gemesis NFT.

Meanwhile, users who accessed OS2 reported that OpenSea is not granting retroactive points to longtime users, meaning that everyone must start from scratch.

NFT trader Beanie argued that this decision alienates traders who have contributed significant trading fees to OpenSea. He accused the platform of neglecting its early supporters and urged the community to “send the token to zero” once it launches.

OpenSea CEO Devin Finzer responded to the backlash via X (formerly Twitter), stating that OpenSea had not forgotten its early supporters. However, he did not provide further details.

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About Magic Eden and the $ME Token

Magic Eden is a leading cross-chain trading and NFT marketplace platform, recognized for its innovation and user-friendly interface. The $ME token serves as the backbone of its economic framework, enabling users to earn rewards while trading. It also provides additional benefits, such as staking options and integration with various DeFi features, enhancing the overall utility of the platform.

Pro Tip: Magic Eden also hosts community-focused events like Quests, allowing users to earn rewards and increase engagement within the ecosystem.

Listing Details

With this Upbit listing, the $ME token is expected to reach a broader audience, including South Korean investors who are keen on NFT and DeFi projects. The increased exposure will not only elevate $ME’s market visibility but also potentially strengthen Magic Eden’s position as a major player in the NFT space.

This listing underscores Upbit’s focus on expanding its offerings by integrating promising blockchain projects. It also highlights the growing interest in NFTs and multi-chain platforms among South Korean investors.

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Magic Eden exclusively supports deposits via the Solana network, meaning deposits from other networks will not be processed. Deposits for ME will start on December 10, 2024, at 23:00 (KST). With a standard price of 2,286 KRW, transaction confirmations will require 20 blocks. Meanwhile, Shin Futures has already enabled deposits just two hours after the announcement, with trading beginning at 22:00 (KST). The token is priced at 88.09 KRW and requires 33 blocks for deposit confirmation on the Ethereum network.

To ensure a secure trading environment, Bithumb has implemented several restrictions. For instance, buy orders are limited during the first five minutes of trading, and sell orders are restricted to within -10% and +100% of the standard price during the same timeframe. Automated orders will only be available after the first transaction is completed. These measures are designed to foster a safer and more controlled trading experience for investors.

Bithumb also emphasized the importance of using the correct network for deposits, warning that incorrect transfers could result in significant delays. Under its Travel Rule, the exchange only supports deposits and withdrawals through verified exchanges, ensuring enhanced security for user funds.

The inclusion of these two groundbreaking projects has created significant buzz in the Korean crypto market. Magic Eden, with its NFT-focused innovation, and Shin Futures, offering Ethereum-based financial advancements, are poised to attract attention from investors seeking cutting-edge blockchain solutions.

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Set in the dystopian world of Eden, Captain Laserhawk: the G.A.M.E. is a top-down multiplayer shooter inspired by the Captain Laserhawk: A Blood Dragon Remix series on Netflix. The NFT collection includes Niji Warrior ID Cards, featuring dynamic metadata that evolves with player performance. The game uses an Eden Score system to track player activity, with higher scores granting additional perks and increased influence over game governance. NFT holders will also gain early access to the game and join an exclusive community, providing direct interaction with Ubisoft developers.

Didier Genevois, Ubisoft’s Web3 Executive Producer, highlighted how Web3 technology enables deeper player engagement and ownership. Players not only participate in the game but actively shape its development. Magic Eden CEO Jack Lu echoed this sentiment, emphasizing the significance of allowing players to craft and own part of the gameplay through NFTs.

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This collaboration also marks Magic Eden’s integration with the Arbitrum blockchain, joining other supported networks like Bitcoin, Ethereum, Solana, and Polygon. Nina Rong, Head of Partnerships at Arbitrum Foundation, emphasized that this partnership will showcase the potential of Web3 integration in gaming, starting a new chapter of engagement on the Arbitrum network.

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ME Token: A Milestone in Cross-Chain Trading

The ME token is designed to enable seamless trading of blockchain-based assets across different chains. Magic Eden initially started as an NFT platform operating only on the Solana (SOL) blockchain, but over time, it expanded to various other blockchain platforms, including Ethereum, Polygon, and Binance Smart Chain. This expansion allows users to transact across different blockchain networks without being limited to a single chain. By facilitating this cross-chain trading, the ME token not only enhances the functionality of DApps but also enriches the user experience.

Strategic Expansion of the Magic Eden Platform

Magic Eden’s growth strategy focuses on establishing the platform as a leader in the global NFT market. The integration of the ME token is seen as a critical step toward this goal. According to the company, mobile expansion and cross-chain trading capabilities will provide users with the freedom to trade any asset on the world’s largest blockchain networks. This strategy aims to increase Magic Eden’s global reach, expanding the platform’s total transaction volume and user base. With a total transaction volume exceeding $6 billion and a 60% market share in the NFT space, the platform recorded a transaction volume of $756.5 million in March 2024, showcasing its rapid growth and ability to surpass strong competitors like Blur and Yuga Labs.

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Fluctuations in the NFT Market and Challenges Faced by Investors

The NFT market experienced a significant boom, particularly in 2021 and 2022. Leading collections like CryptoPunks and Bored Apes rapidly gained value during this period, with the total market value of the NFT market reaching $526 billion by May 2022. However, following this rapid rise, the market value saw a significant decline. As of 2024, the total value of the NFT market has plummeted by 97%, dropping to $18 billion. This has led to substantial losses for many investors. A report published by dappGambl in September 2023 revealed that 95% of the 73,257 NFT collections have a market value of 0 Ether. This report highlights the risks in the NFT market and the challenges investors face.

Magic Eden’s Innovative Approach and Future Plans

With the ME token, Magic Eden aims not only to facilitate cross-chain trading but also to create a more resilient platform against the fluctuations in the NFT market. The foundation’s “community-led governance” model, combined with decentralized autonomous organization (DAO) protocols, allows users to shape the future of the platform. This demonstrates that Magic Eden adopts a community-focused approach in its growth strategy, prioritizing user experience.

The launch of the ME token is considered part of Magic Eden’s vision to offer innovative and sustainable solutions in the blockchain world. This step will enable the platform to reach a broader user base and establish Magic Eden as a leading player in the NFT and Web3 ecosystem. However, given the fluctuations and risks in the NFT market, it is crucial for investors to remain cautious and closely monitor market dynamics. With the ME token and platform expansion, Magic Eden aims to survive these challenging market conditions and maintain its leadership in the industry.

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5 – OKX NFT Marketplace

• Establishment Date: April 24, 2023
• 30-Day Volume: $16.8M

OKX NFT Marketplace was launched as an extension of the OKX cryptocurrency exchange, leveraging its existing user base to create a robust NFT trading platform. Initially entering the market by supporting Bitcoin inscriptions, the platform gradually began to support other networks such as Ethereum, Solana, and Optimism. The platform supports popular wallets like MetaMask and Phantom, as well as its own native OKX Wallet.

4 – Element Market

• Establishment Date: July 1, 2021
• 30-Day Volume: $32.9M

Although Element Market is a relatively new player in the NFT marketplace arena, it quickly gained popularity due to its multi-chain support and accessibility. Founded and launched in 2021 by Feng Wang and Hongliang Zhang, Element Market is a comprehensive platform supporting numerous chains including Ethereum, BNB Smart Chain, Polygon, Avalanche, Optimism, and many more. Element, which supports many major wallets, seems poised to continue its rise in popularity throughout 2024 with its low fee structure and broad blockchain support.

3 – Magic Eden

• Establishment Date: September 17, 2021
• 30-Day Volume: $69.34M

Magic Eden, although a leader in Solana NFT trading, continues to expand by supporting Ethereum, Bitcoin, Polygon, and Base. Developed by a group of Australian blockchain enthusiasts, the platform quickly became a preferred platform for Solana-based NFTs. Magic Eden supports over 400 wallets, including MetaMask, Coinbase, and Trust Wallet. With its growing features, it seems likely to maintain its strong position in 2024.

2 – Blur

• Establishment Date: February 14, 2023
• 30-Day Volume: $94.9M

Blur shook up the NFT sector and quickly became one of the most popular marketplaces. Developed by Tieshun Roquerre and Anthony Liu, Blur is a platform specifically designed for professional users. The platform’s rapid growth was driven by offering rewards to its users through its native token, $BLUR, and its zero-fee structure. Blur supports many wallets like MetaMask, WalletConnect, and Coinbase Wallet and offers advanced data to its users. Despite receiving criticism for its controversial zero-fee structure and aggressive marketing strategies, Blur seems likely to continue its strong presence in the market in 2024.

1 – OpenSea

• Establishment Date: December 20, 2017
• 30-Day Volume: $103.3M

OpenSea was founded in 2017 by Devin Finzer and Alex Atallah. OpenSea was the most popular platform during the NFT boom in 2021 and pioneered the trading of collections like Bored Ape Yacht Club and Doodles. Known for its user-friendly interface and broad wallet support, the platform has faced various challenges over time but remains a significant player in the industry in 2024.

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