Crypto

Magic Eden Axes BTC and ETH Marketplaces for iGaming Push

Guavy AI Editorial Team Published August 15, 2026

Instruments

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Magic Eden is pivoting away from its multi-chain strategy and will shut down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces by early April. The company, which was once the largest NFT marketplace by trading volume, will retain support for Solana-based assets, where it generated $576 million in monthly trading volume as of last month.

The decision is driven by Magic Eden's focus on iGaming, a departure from its digital collectibles business. CEO Jack Lu said the company is orienting itself around 'the massive opportunity in iGaming.' Bitcoin-based assets contributed just $121,000 to Magic Eden's total trading volume over the same period.

Magic Eden expanded into EVM-compatible chains, including Polygon, Base, and Avalanche (AVAX), but this experiment has now ended. The company acquired mobile trading app Slingshot Finance last year, initially framing it around meme coin trading across multiple chains.

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