Magic Eden is reportedly set to discontinue its support for NFT trading on other blockchains apart from Solana. The NFT marketplace is ending its support for trading in Bitcoin Ordinal NFTs and Ethereum Virtual Machines.
The planned move represents a significant retrenchment for the company, which previously expanded beyond Solana during the multi-chain NFT boom, according to a post by Blockspace on X. The NFT marketplace’s decision to discontinue its support for other blockchains apart from Solana is a significant move. The NFT marketplace was initially focused on Solana.
Bitcoin and EVM Marketplace Expected To Close in March
The Bitcoin and EVM marketplaces for non-fungible tokens (NFTs) will be discontinued during the first week of March. The multi-chain wallet will go into export-only mode in mid-March. This will allow users to export their assets, while the functionality will be fully discontinued in early April.
Despite these closures, the company will continue to support its Solana-based assets and NFT offerings. The announcement of the wind-down is expected to include information regarding how users can transition. The restructuring will impact its position in Bitcoin-based inscriptions and EVM-compatible NFTs, where it established a notable market presence over the past year.
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From Rapid Expansion to Strategic Retrenchment
Magic Eden was established in September 2021 and quickly became a dominant force in Solana NFT trading, achieving over 90% market share in a matter of months. The platform expanded into the Bitcoin market in 2023 after the Ordinals protocol was launched. It quickly became a notable force in trading volumes for Bitcoin-based digital collectibles and other related assets.
By mid-2024, Magic Eden had overtaken Blur and OpenSea to become the world’s leading NFT marketplace by monthly trading volume, posting $734 million in March 2024 alone. The company was backed by $157 million in funding, including a $130 million Series B round. The company’s valuation was at its peak at $1.6 billion.
The closure of its multi-chain wallet, which was launched in January 2024 and supported Solana, Bitcoin, Ethereum, and Polygon. The closure is a reflection of a larger strategy. The company’s leadership announced its renewed focus on Solana and emerging crypto entertainment products. The closures are a reflection of a larger strategy as NFT trading activity declines in various blockchain systems.
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