Magic Eden Abandons Multi-Chain Strategy, Shifts Focus to iGaming

Magic Eden is abandoning its multi-chain strategy and shutting down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces by early March. The platform's CEO, Jack Lu, stated that Magic Eden is focusing on iGaming, a departure from the digital collectibles business where it built its reputation.

The company will retain support for Solana-based assets, which generated the majority of its $576 million in monthly trading volume as of last month. Bitcoin-based assets contributed just $121,000 to this total over the same period.

Magic Eden was one of the first major platforms to support Bitcoin Ordinals after their introduction in early 2023, capturing more than half of the emerging market's trading volume within its first week of launch.