Magic Eden co-founder and CEO Jack Lu disclosed on Friday that the NFT marketplace and token trading platform is ending support for Ethereum-compatible and Bitcoin-based assets. In less than two weeks, Magic Eden users will no longer be able to trade assets associated with the networks on its platform. That includes assets minted on Ethereum scaling networks like Polygon and Base, as well as Bitcoin Ordinals and Runes meme coins. Magic Eden’s self-custodial wallet will see similar changes, with plans to no longer support the assets at the beginning of April.
The marketplace will continue to support those within Solana’s ecosystem, where the NFT marketplace debuted in 2021. The move marks a significant shift in Magic Eden’s approach to user adoption. The company had previously become the largest NFT marketplace by trading volume by pioneering a multi-chain approach, while cornering the once-hot market for Bitcoin-based Ordinals years ago. Magic Eden signaled last year that it was building beyond the ever-cooling market for digital collectibles by acquiring Slingshot Finance, a mobile-first crypto trading application.
At the time, efforts to break into the market for meme coin trading were poised across multiple chains. In January, Lu unveiled Dicey, saying that the crypto casino and sportsbook would position the company to capitalize on a speculation supercycle. On Friday, Lu said that the company is continuing to orient itself around the massive opportunity in iGaming. As part of the shift, the company will no longer conduct NFT buybacks.
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