I just reviewed what is happening with Magic Eden, and the truth is that the situation is quite different from what many are saying. It’s not a total shutdown, but it is a radical turn that affects quite a few people.

What happened: Magic Eden closed its Bitcoin (Ordinals/Runes) markets and the EVM chains like Ethereum, Polygon, and Avalanche. But it keeps its Solana market open, which has always been the core of its business. The critical point is that its multi-chain wallet will enter read-only mode on April 1st and will be completely shut down on May 1st. If you have funds there, you need to act now.

Why this happened: Maintaining a multi-chain empire proved to be too expensive. Magic Eden decided it was better to focus resources on what actually works rather than spreading itself thin. Now they are betting everything on Solana and a new iGaming project called Dicey, where they plan to integrate their ME token.

This is not an isolated case. In the first half of 2026, more than 20 major projects have announced closures or reductions. The 'expand at any cost' strategy from 2021-2024 is dead. Now the game is profitability and focus. Magic Eden lost its dominance in Bitcoin, where it held 80% market share, but the company believes this lighter model is the only way to survive.

The problem is that the ME price is in free fall. According to the latest data, the token is trading at $0.11, with an 88.37% drop in the last year. That makes it much harder for Magic Eden to recover.

If you have assets on Magic Eden, here are the urgent steps: first, export your 12 or 24-word seed phrase, then import your assets into another compatible wallet (MetaMask for Ethereum and other EVMs, Xverse for Bitcoin). For Solana NFTs you keep, consider moving them to cold storage if they have high value.

The reality is that Magic Eden is betting on becoming a serious player in crypto-gaming rather than trying to be the universal exchange for all chains. We’ll see if it works.