Recently, the buzz around Magic Eden has become quite lively. There are reports that it will be "shut down," causing anxiety among NFT collectors, but the reality is a bit more complicated.

To be clear, Magic Eden is not disappearing entirely, but it has decided to gradually phase out a large part of its business, including Bitcoin and EVM-compatible marketplaces. This is not just a story about Magic Eden but part of a major trend in the first half of 2026. Even the largest blockchain projects are being forced to cut costs and streamline management to survive amid increasing competition.

So, what will remain and what will disappear? Magic Eden has officially shut down its trading platform for Bitcoin Ordinals/Runes and EVM-compatible chains (Ethereum, Polygon, Avalanche, etc.). However, the Solana marketplace will continue to operate. In fact, since Solana has long been the core volume driver for this platform, it means the company has returned to its original foundation.

What’s concerning is the situation for users with multi-chain wallets. Wallets are now in "export-only" mode and will be inaccessible after May 1, 2026. This is quite urgent.

Why did this happen? In the crypto industry, the term "pivot" is often used to delicately describe the downsizing of failed projects, but for Magic Eden, managing a multi-chain empire was probably too costly. Ending support for Bitcoin and Ethereum significantly reduces the engineering team's burden.

Instead, they are focusing on "crypto entertainment." An example of this is Dicey, a new iGaming platform. Their goal is not to create a universal exchange for all chains but to develop a smaller, more profitable ecosystem that integrates upcoming ME tokens.

Honestly, the price of ME tokens has fallen over 88% in a year. It’s becoming increasingly difficult to recover.

If you hold assets on Magic Eden, pay attention to the following schedule. Trading of Bitcoin and EVM NFTs will end in March. On April 1, wallets will switch to "export-only" mode. The final shutdown will be on May 1, and if you don’t take action by then, your keys will be permanently lost.

What you should do now is simple: export your recovery phrase from the Magic Eden wallet and import your assets into compatible wallets like MetaMask or Xverse. For Solana assets, the marketplace is safe, but for high-value NFTs, it’s recommended to store them in cold storage.

Magic Eden once held 80% of the market share in Bitcoin marketplaces. Losing that is a blow to the Ordinals community, but the company seems to believe that this leaner model is the only way to survive moving forward. As the market matures, the previous strategy of "expanding at all costs" is being replaced by a focus on sustainable revenue.